Executive Summary

• Inditex reported 9M18 revenue growth of 2.6% year over year, to €18.4 billion. At constant currency, sales grew by 7%.
• Operating margin growth was flat in the period, while gross margin and SG&A margin each increased by 60 basis points.
• Inditex maintained its previous guidance; the company expects gross margin expansion of about 50 basis points and same-store sales growth of 4%–6%.