Inditex profits (ITX.mc) Q4 2024

The owner of Zara, Inditex, recorded on Wednesday an interannual increase in the sales of the fourth quarter that met the expectations, even when the retailer pointed a deceleration of the demand at the beginning of the year.

The Spanish retailer reported income of 11.21 billion euros ($ 12.2 billion) in the three -month period, matching the prognosis of 11.2 billion euros by LSE analysts and above 10.34 billion euros recorded in the same period last year.

The net income of the fourth quarter reached 1.42 billion euros, also in line with the expectations of analysts.

Sales throughout the year increased 10.5% in neutral terms in foreign exchange for a total of 38.63 billion euros in 2024, just before an anticipated 38.57 billion euros, while net income reached 5.88 billion euros for the year, in line with forecasts. That compares with net sales of 35.9 billion euros and net income of 5.4 billion euros in 2023, which the company said they were Maximum record.

The shares fell 8.2% at 8:34 am, London time.

The company, which also has Pull & Bear, Bershka and Massimo Dutti, said a slight deceleration in the first quarter sales this year. Income increased by 4% in the neutral terms of the currency from February 1 to March 10, compared to 11% growth the previous year.

Follow a rare lady in sales and profits in the third quarter, which the company partly attributed to a stronger US dollar.

The results point to the wide gap between Inditex and rival H&Mwho has been fighting in the midst of greater competition of lower -cost retailers, such as fast fashion giant with Chinese foundation.

H&M in January reported the sales of the fourth quarter that did not reach expectations But, nevertheless, 3% in local currencies increased to 62.19 billion Krona Swedish ($ 6.15 billion). The Swedish retailer of the main street said that the moment of Black Friday had harmed sales, but that things had resumed in December and January.

This is a last minute news and will be updated shortly.