Executive Summary

• Inditex reported 1H17 revenues of €11.7 billion, an increase of 11.5% year over year and above the analyst consensus estimate. Constant-currency sales in 1H17 increased 11.0% year over year, while comps increased 6.0% year over year.
• EBIT increased by 8.6% year over year to €1.7 billion in 1H17, however, EBIT margin contracted by 40 basis points year over year to 14.9%.
• Inditex’s store and online sales at constant currencies for the trading period of August 1 to September 17, 2017 have increased by 12.0% year over year.