Spanish clothing giant Inditex sets another record of 2.98 billion in profits in the first half of 2026

Sales have once again reached record levels, now standing at over 19.75 billion, 7.6% more than in the same period of 2025, with strong performance both in-store and online.

Despite posting record figures, the company's shares opened the trading session on the Ibex 35 with a fall of more than 3%.

The growth in the first six months of the financial year, however, fell slightly short of analysts' expectations, who had forecast growth of around 8% and sales reaching. "We are operating in a very complex global environment," chief executive Óscar García Maceiras said on Wednesday.

"These are excellent results that highlight the extraordinary capabilities of our teams," he said.

Performance is picking up as the year progresses. As the months go by, Inditex sales are gaining momentum. "The autumn/winter collections have been very well received," the company reported.

Between 1 August and 7 September, both in-store and online sales grew by 9% year-on-year at constant exchange rates. This acceleration follows a second quarter, from May to July, which was also a record for the company, with a 9.1% increase in sales.

However, the exchange rate continues to work against the Galician giant. At constant exchange rates, sales growth for the first half of the year reached 9.2%, compared to the 7.6% previously recorded. For the full year, the company anticipates a negative impact of approximately one percentage point on sales due to currency fluctuations.

Beyond sales growth, Inditex also improved its business profitability. Gross margin increased by 8.3% to almost 11.6 billion, reaching 58.7% of sales, 40 basis points higher than the figure recorded a year earlier.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) reached 5.51 billion, up 7.8%, while operating profit (EBIT) grew by 7.6% to 3.84 billion.

The strength of the business is also reflected in cash generation. Free cash flow nearly doubled in the first half of the year, reaching almost 2.3 billion euros, compared to 1.16 billion a year earlier. Net financial position, meanwhile, grew by 4% to almost 10.4 billion euros at the end of July.

Inditex closed July with 5,444 stores, 84 fewer than a year earlier, after continuing its strategy of openings, renovations, relocations and acquisitions. By 2026, the group expects to increase its gross retail space by around 5% and is confident that network optimisation will continue to improve productivity.

All of its chains have increased their sales during the first half of the year. By brand, Zara grew by 4.8% in the first half. Although it remains the main generator of revenue, other brands are now driving growth.

Bershka has seen a 16.7% increase in sales so far this year, Stradivarius is up 18.5%, and Oysho is showing a spectacular 21% increase. Pull&Bear's growth is 8.9%, compared to Massimo Dutti's 10.4%.

By geographical areas, Europe (excluding Spain) contributed 51.5% of the group's revenue, up from 50.7% in the same period of the previous year, while America accounted for 17.9% of total revenue, compared to 17.8% a year earlier, Asia and the rest of the world at 15% (16% a year earlier) and Spain at 15.6%, up from 15.5% in the first half of 2025.

Looking ahead to the remainder of the year, Inditex maintains its forecast of a stable gross margin, within a range of plus or minus 50 basis points. The textile giant also anticipates ordinary capital expenditures of around 2.3 billion euros during 2026 to increase its operating capacity, improve efficiency, and strengthen business differentiation. This will be supplemented by approximately 200 million in extraordinary investments earmarked for modernising and upgrading its corporate facilities.

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