Inditex SA owns a diverse portfolio of well-known brands, each targeting different fashion segments and customer demographics. Its flagship brand, Zara, including Zara Home, leads in global fashion with a focus on contemporary style, while Massimo Dutti caters to sophisticated, premium tastes. Pull&Bear and Bershka appeal to younger, trend-focused customers, offering accessible, youthful fashion. Stradivarius and Oysho serve niche markets in casual and intimate apparel, respectively, with Stradivarius specialising in playful, trendy pieces and Oysho focusing on lingerie and activewear. This broad brand mix allows Inditex to effectively reach varied customer bases and strengthen its market presence globally.
On 11 September 2024, Inditex SA released its half-year 2024 report for the period from 1 February to 31 July 2024. The report highlights significant year-on-year growth in sales, profitability, and sustainability efforts, underpinned by Inditex’s adaptable and fully integrated store and online business model. Key financial indicators and strong ESG results underscore the group's commitment to sustainable fashion, regional expansion, and profitable growth across brands.
Financial Highlights and Key Indicators
For the first half of 2024, Inditex’s revenue rose by 7,2 % to €18,1 billion, compared to €16,9 billion in H1 2023. Gross profit increased by 7,5 %, reaching €10,5 billion, with a gross margin of 58,3 %, up from 58,2 % in the same period last year. Operating expenses grew by 6,8 %, below the sales growth rate, showcasing disciplined cost management.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) climbed 8,1 % to €5,0 billion. Meanwhile, operating income (EBIT) saw an 11,9 % increase to €3,5 billion, demonstrating improved operational efficiency. Profit before tax (PBT) rose by 10,6 % to €3,6 billion, while net income grew by 10,1 %, reaching €2,8 billion.
Financial Comparison Table: H1 2024 vs H1 2023
| Financial Metric |
H1 2024 (€m) |
H1 2023 (€m) |
% Growth |
| Net Sales |
18.065 |
16.851 |
+7,2 % |
| Gross Profit |
10.541 |
9.801 |
+7,5 % |
| Operating Expenses |
5.467 |
5.116 |
+6,8 % |
| EBITDA |
5.040 |
4.663 |
+8,1 % |
| EBIT |
3.541 |
3.164 |
+11,9 % |
| PBT |
3.598 |
3.252 |
+10,6 % |
| Net Income |
2.778 |
2.520 |
+10,1 % |
Inditex recorded robust sales across all major regions and channels, with Europe (excluding Spain) accounting for nearly half (49,9 %) of total sales, an increase from 47,8 % in H1 2023. In the Americas, sales represented 18,8 % of the total, while Asia and the rest of the world contributed 16,6 %, and Spain held steady at 14,7 %. The distribution reflects Inditex’s adaptive strategy of balanced regional performance and increasing integration of online and physical retail channels.
Geographic Financial Results Table
| Region |
H1 2024 Share (%) |
H1 2023 Share (%) |
| Europe (ex-Spain) |
49,9 % |
47,8 % |
| Americas |
18,8 % |
19,4 % |
| Asia & RoW |
16,6 % |
18,4 % |
| Spain |
14,7 % |
14,4 % |
ESG Achievements and Commitments
Throughout the first half of 2024, Inditex advanced its ESG initiatives, building upon its sustainability goals with clear actions across production, innovation, and product lifecycle management. Notable achievements include the second CIRC X Zara collection, a line made from textile waste, underscoring the group’s commitment to circularity. Additionally, the company extended the Zara Pre-Owned platform, which promotes garment recycling, resale, and donation, across 16 European countries, with plans to expand to the U.S. by October 2024.
ESG Highlights Table
| ESG Metric |
H1 2024 Details |
| CIRC X Zara Collection |
100 % recycled textile material |
| Zara Pre-Owned Platform Expansion |
16 European markets; U.S. launch expected October 2024 |
| Startups Collaborating on Sustainability |
Over 350 startups |
| New Investments |
Equity stake in Galy, focusing on lab-grown cotton |
Summary
Inditex’s solid half-year 2024 results underline the group’s ability to achieve profitable growth while advancing its sustainability agenda. Looking ahead, the group plans to enhance its global footprint, optimise its digital and physical presence, and scale its sustainability-focused initiatives. To support these goals, Inditex has allocated approximately €1,8 billion in capital expenditure, particularly for logistics and store improvements, and is set to deploy a €900 million investment in logistics for each of 2024 and 2025.
Future analyses could involve a region-specific study of Inditex's comparative sales performance, considering local market dynamics and currency impacts on revenue. Additionally, a closer examination of inventory turnover by product category may provide further insights into Inditex's operational efficiency across brands.
Read the full Inditex Group report Here.
Cover Image Courtesy: Inditex Website