Multinational clothing company, Inditex Group, has announced financial results for the first quarter which ended 30 April 2022.
The Spain-based fashion retailer reported Q1 revenue growth of 36 per cent to €6.74 billion, underpinned by a sharp recovery in store traffic and a good reception for all seven brands’ new season collections.
In terms of performance, Inditex stated that the SS ‘22 collections were ‘very well received by our customers’. And the positive response appears to have continued as the season progressed, with store and online sales in constant currency between 1 May and 5 June up 17 per cent versus the same period in 2021, and up 13 per cent in the last two weeks.
With 90 percent of its stores currently open, the company is clearly outperforming even with some of its stores still closed.
Revenue growth was strong in all geographies, except those subject to restrictions during the period. The US market continued to post notable growth, cementing its position as the Group’s second biggest market.
Óscar García Maceiras, Inditex´s CEO, said that this set of earnings is the result of a “well-differentiated model that is delivering strongly. The strength and adaptability of the business model and the excellent performance of our creative, sales and operating teams are driving that differentiation forward, underpinned by a strategic focus on innovation, digitalisation and sustainability.”
