The Inditex group, owner of brands such as Zara, Massimo Dutti, Bershka and Oysho, presented the first results this Wednesday with Marta Ortega as president. The company recorded sales of 6,742 million euros in its first fiscal quarter (from February to April), compared to 4,942 million for the same months last year, and above the record obtained in 2019 (5,927 million). Net profit reached 760 million, compared to 421 million in 2021 and the record of 734 million in the year before the pandemic.
Although the first quarter is usually the weakest period in sales, it is an important moment to measure the resistance of the group, whose activity in Russia has been paralyzed since March 5 by the war in Ukraine. Russia was the second market in which the stores generated more profits, only behind Spain. For this reason, Inditex has decided to fully provision the estimated expenses for the 2022 financial year in Russia and Ukraine, with an extraordinary charge of 216 million in the accounts for the first quarter. The net profit without the provision would have been 940 million. The operating result (Ebitda) grew by 55%, to 1,917 million euros.
They are also the first quarterly results with Óscar García Maceiras with full executive powers as CEO, after the departure of Pablo Isla from the company on April 1.
In its annual report, Inditex indicated that the business in Russia generated 8.5% of the net operating result (Ebit) in 2021. The closure of stores in Ukraine also has its impact, which represents another 1.5% and in which it had invested significantly last year: it was the country where the group opened the most stores, going from 72 to 85.
He knows in depth all the sides of the coin.