- Industria de Diseno Textil Inditex press release (OTCPK:IDEXY): FY Sales grew +10.4% to reach €35.9 billion. Sales in constant currency grew 14.1%.
- In 2023, store sales grew 7.9%.
EBITDA increased 13.9% to €9.9 billion and EBIT 23.4% to €6.8 billion. PBT increased 28.2% to €6.9 billion.
Net income increased 30.3% to €5.4 billion.
Adjusted funds from operations grew 22.2% and cash from operations grew 37.2%. The net cash position grew 13.3% to €11.4 billion.
Outlook: Strong commitment to profitable growth. In 2022-2023, Inditex experienced significant increase in sales and productivity. Sales have grown 35% in constant currency in the period. The growth of annual gross space in the period 2024-2026 is expected to be around 5%.
We estimate ordinary capital expenditure of around €1.8 billion in 2024.
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