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Inditex (BME: ITX) 1H18 Results: Strong Organic Growth, Flattish Margins

Executive Summary

  • Inditex reported 1H18 revenues of €12.03 billion, up 3.0% year over year and below the consensus estimate of €12.06 billion. Sales grew by 8.0% at constant currency.
  • The operating margin contracted marginally, by 10 basis points, due to an increase in SG&A expenses.
  • By concept, sales under the Pull&Bear and Oysho brands grew the strongest, by 11.2% and 7.0%, respectively.
  • Inditex expects its 2H18 same store sales growth to be in the range 4%–6%.

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