Overview

• First-quarter sales rose 1.5% to €8.274 billion and net profit edged up 0.8% to €1.305 billion, marking new highs despite moderating growth.
• Constant-currency revenues increased 4.2% and 5.3% when adjusting for the leap year while gross margin climbed 1.5% to €5.011 billion.
• Inventory grew 6% and operating expenses jumped 2.3% between February and April, a rare imbalance in Inditex’s usual cost discipline.
• Sales between May 1 and June 9 accelerated by 6% year-on-year, pointing to a potential rebound in the second quarter.
• Ahead of the July 15 annual meeting, management will propose a €1.68-per-share dividend and nominate Roberto Cibeira to replace José Arnau Sierra on the board.