Strong uplift for Inditex in 2023 despite currency impacts

Sales were up by 14.1% on a constant currency basis. Store sales were up 7.9% in the year, and Inditex noted that there was 2% more commercial space and 2% fewer stores than in 2022, with a gross new space increase of 4.5% in the year.

Online sales, meanwhile, had an increase of 16% in 2023 to €9.1 billion. Online visits grew by 10% to 6.5 billion visits and active apps reached 152 million.

Zara (including Zara and Zara Home) had an increase of 10% year-on-year to €26.05 billion, while Pull & Bear was up 10% to €2.4 billion and Massimo Dutti had an increase of 15% to €1.8 billion. Bershka grew 10% to €2.6 billion, Stradivarius was up 13% to €2.3 billion and Oysho had growth of 19% to €744 million.

By region, Europe (excluding Spain) had growth of 48.7% in 2023, while the company’s home market of Spain was up by 14.8%. The Americas grew by 19.6% and Asia & Rest of World was up by 16.9%.

Net income for the full fiscal 2023 year was up by 30.3% to €5.4 billion. Looking forward to the full 2024 year, Inditex expects strong sales but also a currency impact of -1.5%.

CEO Oscar Garcia Maceiras said: “Inditex’s performance in 2023 has been excellent. Our teams have been able to take advantage of the opportunities to keep growing profitably. We are investing to drive future growth and continue to offer an attractive remuneration to shareholders.”