In line with the analysts’ expectations, sales of Zara owner Inditex grew by 7 per cent during Q1, FY24. To counter growing intense competition from rivals like H&M, the brand aims to chase new trends faster and expedite product deliveries.
In recent quarters, benefitting from improved shopping experiences, both online and in-store, the company outperformed many of its competitors. It currently faces intense competition from rapidly growing Chinese-owned online retailers Shein and Temu.
One of the world’s largest listed fashion retailers, Inditex’s sales during the first quarter of FY24 increased to €8.15 billion compared to the average analysts’ forecast of €8.1 billion, show results from an LSEG poll.
The company’s net profit during the quarter increased by 11 per cent to €1.29 billion in line with the €1.3 billion average forecast by analysts, according to the LSEG poll. This was against the 54 per cent rise in profits recorded in the first quarter of the last year.
