(ANSAmed) - MADRID, JUNE 13 - Pablo Isla, the president and
chief executive of Inditex, was understandably optimistic as he
presented the first quarter results in Madrid today for the
company that owns Zara, the retail chain apparently impervious
to the financial crisis. "I have full confidence in the future
of the Spanish economy and I firmly believe that the reforms
being adopted will have visible effects in the coming quarters,"
Isla said.
Zara, the company founded by the Galician, Amancio Ortega,
Spain's richest man, registered record net profits of 432
million euros between March and May, an increase of 30% compared
to the corresponding period of 2011. The result surpassed even
the expectations of analysts. Inditex recorded turnover of
3.416 billion euros, 15% more than during last year's
corresponding quarter, with EBITDA up 27% to 754 million euros.
The textile company underlined the "strict" control of
operational spending, which has contributed to the results.
During the quarter, Inditex opened 91 new retail outlets in 26 different markets, taking its number of stores worldwide up to 5,618 as of April 30. Spain's most solid brand is currently present in 85 countries, after recently opening shops in Georgia and Bosnia in April and in Ecuador in May. The group's internationalisation also continues apace. While Spain accounted for 25% of the company's business in 2011, Asia is already closing in during the first quarter of 2012 with a figure of 18%. After consolidating its position in Europe, the United States and Japan, Zara is also due to arrive in China in September. But Zara's position as the world's leading fashion distribution group, ahead of the Swedish brand H&M, has been clear since the start of the year. The assembly of ordinary shareholders, which meets on July 17, will approve a total dividend corresponding to the 2011 financial year of 1.80 euros per share, the equivalent of 1.122 billion euros.
The announcement of the results provoked a rally on the Spanish stock exchange, with Inditex shares leading the positive figures, surging up 8% at around 13:00 and boosting the company's status of highest capitalisation on the Spanish market.
For Pablo Isla, the key to the company's success remain the same. "High quality, good design and better prices for customers," he explained, factors that enjoy the benefits of the online sales model, which is decisive for growth. (ANSAmed).
During the quarter, Inditex opened 91 new retail outlets in 26 different markets, taking its number of stores worldwide up to 5,618 as of April 30. Spain's most solid brand is currently present in 85 countries, after recently opening shops in Georgia and Bosnia in April and in Ecuador in May. The group's internationalisation also continues apace. While Spain accounted for 25% of the company's business in 2011, Asia is already closing in during the first quarter of 2012 with a figure of 18%. After consolidating its position in Europe, the United States and Japan, Zara is also due to arrive in China in September. But Zara's position as the world's leading fashion distribution group, ahead of the Swedish brand H&M, has been clear since the start of the year. The assembly of ordinary shareholders, which meets on July 17, will approve a total dividend corresponding to the 2011 financial year of 1.80 euros per share, the equivalent of 1.122 billion euros.
The announcement of the results provoked a rally on the Spanish stock exchange, with Inditex shares leading the positive figures, surging up 8% at around 13:00 and boosting the company's status of highest capitalisation on the Spanish market.
For Pablo Isla, the key to the company's success remain the same. "High quality, good design and better prices for customers," he explained, factors that enjoy the benefits of the online sales model, which is decisive for growth. (ANSAmed).
