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- Inditex closed more stores than it opened for first time in its history last quarter
Inditex, world's largest textile group and owner of brands such as Zara and Massimo Dutti, recorded sales of 5.654 billion euros in first quarter. It means y have returned to record of sales, but also that turnover of group has grown by only 1.52% compared to same period of previous year, a very small advance compared to previous years (at start of 2017 grew 14%). In fact, it is lowest growth recorded in at least two decades, from 1998, first exercise of which re is data available in National Securities Market Commission (CNMV), delivered before its departure.
The profits in first quarter amounted to 668 million euros, an increase also of 2.1% compared to first quarter of 2017, smallest advance since 2014 of group that presides Pablo Isla. The stock market has received results with Downs: The shares lost about 1.9% at first hour, but have been lowering coup to about 1% as session progresses.
"The total sales of first quarter established a new historical maximum for period, reaching 5.654 billion euros, in a quarter characterized by strong impact of currencies," explains textile group in a statement. He points out that at a constant exchange rate, sales growth has been 7%, "which shows a robust growth in a quarter characterized by impact of currencies," he insists.63 stores in one year
At this start of 2018 exercise, group's chains have opened stores in 36 markets. It has among all its brands 7,448 local, which represents an increase of 63 in a year, which points out that y have continued "with policy of absorption of older and smaller units, on one hand, and extensions and reforms, on or."
The gross margin amounted to 3.328 billion, 3% higher than same period of previous year, at 58.9% of sales. Operating expenses have increased by 3%, according to company, by new openings. and operating income (EBITDA) stood at 1.125 billion, 1% more.
The company makes an advance on first bars of march of second quarter: in period between 1 May and 11 June 2018, constant exchange rate sales have grown 9%. In conference with analysts, in which Pablo Isla has spoken, he has pointed out that y maintain ir strategy of growth based on combination of physical and online store, that y do not expect that impact of currencies is lengned all year and that in China — its second largest m Arket Trends after Spain — y still see great opportunities for growth.New Counselor
The shareholders ' meeting will be held on July 17th and in it board of Directors will propose a total dividend corresponding to year 2017 of 0.75 euros per share, of which 0.375 euros have already been paid on May 2 and remainder will be disbursed next 2 of November.
In addition, company noted that Council will propose appointment of Pilar López, president of Microsoft Spain, as a new independent counselor, to replace Carlos Espinosa de los Monteros, whose mandate ends on July 15, 2018.