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Inditex Group’s Half Year 2022 Results

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In the first half of 2022, Inditex’s fully integrated model had a very strong operating performance. Sales, EBITDA, and net income reached historic highs!

Oscar García Maceiras, CEO of Inditex, stated:

The results are explained by four factors, key to our performance. Our unique fashion proposition, an increasingly optimised shopping experience for our customers, our focus on sustainability, and the talent and commitment of our people. Our business model is progressing at full pace and has great growth potential going forward.

  • Sales reached €14.8 billion (+24.5% versus 1H2021). Sales in constant currencies grew 25%. Sales were positive in all key geographical areas.
  • Over 1H2022, Inditex traffic and store sales increased markedly and continue to do so, with store differentiation being key to this dynamic. Online sales progressed satisfactorily and were positive in 2Q2022. Online sales are expected to exceed 30% of total sales by 2024.
  • In 1H2022, the execution of the business model was very strong. Gross profit increased 24.5% to €8.6 billion. The gross margin reached 57.9%, the highest in 7 years. Based on current information, Inditex expects a stable gross margin (+/-50 bps) for FY2022.
  • The control of operating expenses has been rigorous. Operating expenses increased by 20%, below sales growth.
  • EBITDA increased 30% to €4 billion. Inditex has provisioned all expected expenses for FY2022 in the Russian Federation and Ukraine. An extraordinary charge of €216 million was recorded in the 1Q2022 accounts under Other results.
  • EBIT increased 44% to €2.4 billion and PBT 42% to €2.3 billion.
  • Net income increased 41% to €1.8 billion.
  • Given the strong execution of the business model, cash from operations has grown significantly. The net cash position grew 15% to €9.2 billion.
  • The FY2021 final dividend of €0.465 per share will be paid on 2 November 2022.
  • Autumn/Winter collections have been very well received by our customers. Store and online sales in constant currency between 1 August and 11 September 2022 increased 11% versus the record period in 2021
  • At current exchange rates, Inditex expects a +0.5% currency impact on sales in FY2022.

Inditex Outlook

Inditex continues to see strong growth opportunities. Their key priorities are to continually improve their product proposition, enhance the customer experience, maintain their focus on sustainability, and preserve the talent and commitment of their people.

The flexibility and responsiveness of their business with in-season proximity sourcing allows a rapid reaction to fashion trends and allows them to enjoy a unique market position.

The future growth of Inditex relays on further investments in physical stores, online sales channels, and logistics platforms, all with a clear focus on innovation and technology. The company estimates that investments in 2022 will be around €1.1 billion.

The interim nine months 2022 results will be published on 14 December 2022 on

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