Spanish fashion giant Inditex announced on September 14 company revenues for the first-half 2022 skyrocketed 24 percent to EUR 14.8 billion (USD 14.82 billion), up 25 percent in constant exchange rates.
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The owner of Zara, Pull&Bear, Massimo Dutti, Oysho, Bershka, and Stradivarius, said revenues for the six-month period were positive in all key geographical areas, including Asia and the Rest of the World, where sales were up 19.4 percent, coinciding with a 46.3 percent surge in Europe (excluding Spain) sales and a 20.1 percent uptick in the Americas. Inditex’s domestic sales were up 9 percent, the company added.
By brand, the company’s darling fashion brand Zara clocked revenues EUR 10.9 billion, up 29 percent, followed by Pull&Bear (19 percent), Stradivarius (17 percent), Bershka (15 percent) and Massimo Dutti (10 percent). Oysho revenues fell 4 percent.
As a result of the sales feat, total net income for the half-year surged 41 percent to EUR 1.8 billion.
“The results are explained by four factors, key to our performance. Our unique fashion proposition, an increasingly optimised shopping experience for our customers, our focus on sustainability, and the talent and commitment of our people,” said Oscar García Maceiras, CEO of Inditex.
“Our business model is progressing at full pace and has great growth potential going forward.”
Looking ahead, at current exchange rates, Inditex expects a +0.5 percent currency impact on sales in FY2022. Online sales are expected to exceed 30 percent of total sales by 2024, the company added.
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“The future growth of the group is underpinned by the investment in our stores, the advances made to the online sales channel and the improvements to our logistics platforms with a clear focus on innovation and technology,” concluded Inditex. “We estimate investments in 2022 of around EUR 1.1 billion.”