The following is a summary of the Industria De Diseño Textil, S.A. (IDEXY) Q3 2023 Earnings Call Transcript:
Financial Performance:
Inditex reported sales growth of 11.1% in the first nine months, reaching EUR 25.6 billion.
EBITDA grew by 13.9% to EUR 7.4 billion.
Net income increased by 32.5% to EUR 4.1 billion.
Gross profit rose 12.3% to EUR 15.2 billion, with the gross margin increasing by 67 basis points to 59.4%.
Operating expenses were tightly controlled, growing 130 basis points below sales growth.
The net cash position increased 15% to EUR 11.5 billion due to strong cash flow generation.
Inventory as of October 31, 2023, was 5% lower than the same date in 2022, a testament to efficient inventory management.
Business Progress:
Inditex opened stores in 36 different markets and started the rollout of Stradivarius stores in Germany.
The company anticipates supply chain risks by setting product receiving dates in advance.
A number of new product lines were launched, in-store designs were updated, and a new security technology was implemented to automate checkout processes.
Inditex launched a live-stream on Douyin in China to improve customer experience.
The company deployed the Zara pre-owned platform in 14 European markets to extend the lifecycle of garments through repair, resale, and donation.
The goal is to have at least 2% of its global workforce comprise of people with disabilities by the end of 2024.
Inditex plans to expand its gross space by around 3% in 2023.
More detailed: INDITEX (IND.DE DISENO TEXTIL SA) UNSP ADR EACH REP 0.50 ORD IR
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