Executive Summary

• Inditex reported 1H19 revenues of €12.8 billion, even with the consensus estimate of €12.8 billion and up 6.6% from the year-ago period. The company reported earnings per share (EPS) of €0.50, up 8.7% from the year-ago period of €0.46, but lower than the consensus estimate of $0.51.
• Comparable store sales increased 5.0% in the quarter, on top of a 4% increase in the year-ago period.

• Management reiterated its comparable sales growth projection of 4-6% for FY19.