Spanish fashion giant Inditex, owner of Zara, sees profits jump 40% in record first half of year

Spain fashion giant Inditex has smashed its own records and posted a net profit of 2.513 billion euros between February and July this year, some 40% more than 2022. It is the first time, the owner of Zara, has surpassed the 2.5 billion euro barrier in net profit in the first half of the year, and comes despite the world's biggest fast fashion company slowing the pace of its price increases.

Sales also grew by 13.5% and reached 16.851 billion euros, another record figure. Gross operating profit (Ebitda) grew by 15.7% to 4.663 billion euros, while net operating profit (Ebit) grew by 30.2% to 3.164 billion euros, and profit before tax rose by 39% to 3.252 billion euros.

The Galicia-based company operates over 7,200 stores in 93 markets worldwide.

"The results in this first half year of 2023 show that the talent of our teams is consolidating the improvements in our performance. The commitment to creativity, product quality and customer experience, as well as the determined progress in sustainability, make up a strategy that takes our business model to a higher level," said company CEO, Óscar García Maceiras.