Inditex (ITX.ES), owner of brands such as Zara, Bershka, and Massimo Dutti, presented very solid results for the first half of 2025, which triggered a strong market reaction and a 5.9% increase in its share price – the strongest since April this year. The company confirmed a 1.6% y/y increase in sales to EUR 18.36 billion and a positive start to the third quarter: from the beginning of August to September 8, demand at constant exchange rates rose by as much as 9%. The revival in demand is also evident thanks to record sales of the latest collections and effective inventory management policies.
However, the operating results for the first half of the year only partially met market expectations. EBIT amounted to EUR 3.57 billion (+0.9% y/y), slightly above the consensus of EUR 3.56 billion, while revenues and net profit were slightly below forecasts: EUR 18.36 billion against EUR 18.52 billion expected, and EUR 2.79 billion (forecast EUR 2.82 billion). The company maintained a high gross margin of 58.3% against expectations of 58.2%, and EBITDA increased to EUR 5.11 billion (+1.5% y/y, in line with forecasts). The Stradivarius, Oysho, and Bershka brands performed best in the sales structure, with significant y/y increases, while Massimo Dutti recorded a slight decline.
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Create account Try a demo Download mobile app Download mobile appThe management board's announcements emphasized that Inditex expects exchange rates to have a negative impact of -4% on revenues in 2025 (previously forecast at -3%), particularly due to the weakening of the dollar and peso against the euro. The company points to a further acceleration in growth in the second half of the year – to meet the consensus, sales should increase by 5.3% y/y and EBIT by 3.2% compared to 1.7% in Q2. Effective management of operating costs and its advantage in global logistics puts Inditex in a leading position compared to its European competitors.
Inditex financial results + forecasts
- Revenue: EUR 18.36 billion (+1.6% y/y, forecast EUR 18.52 billion)
- EBIT: EUR 3.57 billion (+0.9% y/y, forecast EUR 3.56 billion)
- EBITDA: EUR 5.11 billion (+1.5% y/y, forecast EUR 5.12 billion)
- Net profit: EUR 2.79 billion (+0.8% y/y, forecast EUR 2.82 billion)
- EPS: EUR 0.896 (forecast EUR 0.889)
- Gross margin: 58.3% (forecast 58.2%)
- Zara & Zara Home revenue: EUR 13.15 billion (+0.9% y/y)
- Pull&Bear: EUR 1.16 billion (+3% y/y)
- Massimo Dutti: EUR 895 million (-1% y/y)
- Bershka: EUR 1.44 billion (+4.1% y/y)
- Stradivarius: EUR 1.33 billion (+5.7% y/y)
- Oysho: EUR 389 million (+5.7% y/y)
- Number of stores: 5,528 (-2.5% y/y, forecast 5,547)
Inditex forecasts for the second half of 2025
- Sales growth from August to September: +9% y/y at constant exchange rates
- Consensus: sales in H2 must grow by 5.3% y/y and EBIT by 3.2% y/y to meet analysts' expectations
- Expected negative currency impact on revenue: -4% (previously -3%)
- Management emphasizes further acceleration of growth thanks to cost optimization and logistical advantage
Today, for the first time since June this year, Inditex shares are testing the 200-day exponential moving average, which is a key barrier to the current long-term downward trend in the company's shares.
Source: xStation
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