Industria de Diseno Textil SA, the owner of Zara, also known as Inditex, posted higher profits and sales in the first half, after positive online sales in the second quarter as customers turned to spring and summer collections.
Spanish fashion giant ITX,
Bershka, which owns Massimo Dutti and Pool & Bear, said Wednesday that net profit for the six months ended July 31 rose to 1.79 billion euros ($1.78 billion) from 1.27 billion euros a year earlier.
Sales rose to 14.85 billion euros from 11.94 billion euros. Between August 1 and September 11, store and online sales were up 11 percent in constant currency compared to the record period last year.
Inditex says it expects online sales to account for more than 30% of total sales by 2024.
Earnings before interest and taxes rose to 2.43 billion euros from 1.69 billion euros, while earnings before interest, taxes, depreciation and amortization rose from 3.10 billion euros to 4.03 billion euros.
For the year, Inditex expects stable gross margin, plus or minus 50 basis points, as well as a positive 0.5% currency effect on sales.
Write to Mauro Orru at firstname.lastname@example.org; @MauroOrru94