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Inditex (BME: ITX) FY16 Results: Continued Comp Strength Offset by Margin Erosion

Executive Summary

  • Inditex reported FY16 revenues of €23.3 billion, an increase of 11.5% over FY15 and broadly in line with analysts’ estimates. Comparable store sales in FY16 increased a strong 10% year over year.
  • EBIT increased by 9.4% year over year to €4.1 billion, and FY16 EBIT margin contracted by 40 basis points year over year to 17.2%.
  • For the trading period of February 1 to March 12, 2017, Inditex’s store and online sales increased by 13% year over year at constant currencies.

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