Inditex Accelerates Sales Momentum Driven by Strong Collections and Strategic Investments

Óscar García Maceiras, the CEO of Inditex, has underscored a notable "acceleration" in both store and online sales at the onset of the third quarter, signaling the group's "solid performance" and "satisfactory" sales despite operating in "a complex environment." He highlighted "significant" growth opportunities, expressing continued confidence in the year ahead and a steadfast focus on enhancing the differentiation of Inditex's business model.

The company has experienced a "strong" start to the second half of its fiscal year, with its autumn/winter collections being "very well received" by customers. This positive reception translated into a 9% growth in store and online sales at constant exchange rates between August 1 and September 7, 2025, when compared to the corresponding period in 2024, demonstrating a clear "acceleration" in sales momentum.

For the first half of its fiscal year 2025–2026 (spanning February 1 to July 31), Inditex reported a net profit of €2,791 million, marking a 0.8% increase from the previous year. Sales for this period reached €18.357 billion, growing by 1.6% compared to the first half of 2024. At constant exchange rates, sales growth was more pronounced at 5.1%, indicating robust performance across both its physical stores and online channels, even if overall growth was more moderate than in prior record-breaking periods.

García Maceiras attributed these results to the efficient execution of their teams, which underpins the strength of Inditex's business model. He emphasized that this model is continuously driven by its unique fashion proposition, an increasingly optimized customer experience, a strong commitment to sustainability and quality, and the dedication of its workforce. These factors collectively bolster the company's competitive differentiation and are reflected in a "good performance" of the gross margin and "disciplined" cost control.

Looking forward, Inditex sees substantial global growth potential, largely due to its diversified presence across 214 markets where it maintains relatively low penetration in most. This reinforces the company's conviction that its "unique model" positions it for considerable expansion opportunities in the future, maintaining its confidence in its strategic direction.

To capitalize on this long-term growth potential, Inditex has planned strategic investments for the current year aimed at expanding its capabilities, generating efficiencies, and further increasing its competitive differentiation. The company expects ongoing store optimization efforts to drive additional productivity improvements. It anticipates an annual gross space growth of approximately 5% for the 2025–2026 period, complemented by positive net space and continued "strong" online sales. While a negative currency impact of around 4% on 2025 sales is projected, Inditex expects a stable gross margin (+/- 50 basis points) for the year.

In terms of geographical expansion, Inditex's CEO highlighted the United States and the United Kingdom as "very relevant" markets with significant opportunities. In the U.S., the company plans to pursue a "selective growth" strategy, including the remodeling of iconic stores, such as its flagship on Fifth Avenue in New York, alongside new openings. Similarly, Inditex intends to remain "very active" in the UK, where it perceives "very good opportunities" for continued growth for both Zara and its other brands across various locations, actively exploring new market opportunities for its diverse formats.