The textile multinational owned by Amancio Ortega, Inditex , presented its results for the first quarter of 2021 on Wednesday. The company has verified a significant increase in sales in the first three months of the year of 50% (56% to constant exchange rate), up to 4,942 million euros. Thus, Inditex has highlighted that sales have grown in all geographic areas and in each of its chains.
It must be taken into account that despite the increase in sales, companies still have to face a series of limitations and restrictions regarding the capacity and hours of the stores that affect their turnover. Despite this, between May 1 and June 6, Inditex billed twice as much (102% more) than in the same period of 2020 and 5% above what it entered those same weeks in 2019.
One of the aspects in which Amancio Ortega’s company has taken the most run has been in online commerce, where Inditex increased its sales by 67%. The president of Inditex, Pablo Isla , highlighted on these figures how “the differentiation and strategic transformation towards a fully integrated, digital and sustainable business model continues to yield results” and stressed that “the commitment of all the people who make up Inditex” it continues to be the decisive factor in these times of de-escalation.
The gross margin on sales reached 2,962 million euros, 59.9% on sales, compared to 58.4% the previous year, 152 basis points more compared to 2020, and 47 compared to 2019.
In a bag
Inditex shares reversed the trend started in Wednesday’s session and led the falls of the Ibex 35 in the mid-session, with a fall of 2.01% , despite the fact that its quarterly results have exceeded analysts’ forecasts, with a net profit of 421 million euros between February 1 and April 30, compared to losses of 409 million in the first quarter of 2020 derived from the Covid-19 health crisis.
Specifically, after starting the day leading the gains of the Madrid selective, with an increase of 1.24% , the titles of the company founded by Amancio Ortega turned around and left more than 2%. Sabadell’s analysis department has highlighted that Inditex has published better results than expected and has also advanced that the second fiscal quarter “has also started strongly” , exceeding the absolute sales levels of the same period of 2019 (+5 %).
“In the first quarter we have seen a strong rebound in revenue in a quarter that has gone from less to more, with sales fluctuating depending on the impact of the restrictions by Covid-19″, they have indicated.
