* Net income totalled 717 million euros, year-on-year growth of 14%
* The Group opened 177 stores during the first six months of the year, bringing the total across its 78 markets to 5,221
* At the 1H11 close, Inditex had 103,201 employees, 9,225 more than a year earlier
* Zara is set to launch online shopping in Japan on 20 October
The Inditex Group’s net sales in the first half of fiscal 2011 – from 1 February to 31 July - totalled 6,209 million euros, 12% more than in the first half of 2010. Year-on-year sales growth in constant currency terms rises to 13%, while like-for-like sales grew 6%.
The Group generated net income of 717 million euros during the period, year-on-year growth of 14%. Gross profit, meanwhile rose by 11% year-on-year to 3,625 million euros.
Key figures (First Half 2011)
|(million euros)||1H 2011||1H 2010||% change 11/10|
The Group opened 177 stores in 35 countries during the first six months of the year, bringing the total across its 78 markets to 5,221. The Group continues to see growth opportunities around the world. In terms of the geographic sales mix, Europe accounted for 45% of the total, Spain for 26%, Asia for 17% and the Americas for 12% in 1H11.
Geographic breakdown of sales
|1H 2011||1H 2010|
|Europe (ex Spain)||45%||45%|
|Asia & RoW||17%||15%|
During the last 12 months, Inditex generated 9,225 new jobs to end July 2011 with a headcount of 103,201.
Since 6 September 2011, all of the Inditex Group’s fashion concepts are selling their products online, following e-commerce launches by Pull&Bear, Massimo Dutti, Bershka, Stradivarius, Oysho and Uterqüe across the leading European markets. Zara and Zara Home have been selling their products online since 2010 and 2007, respectively. On 7 September, meanwhile, Zara launched its online sales platform in the US, and the launch date for internet shopping in Japan is set for 20 October.
Third-quarter trading update
Local-currency store sales rose by 9% between 1 August and 17 September 2011.
In the coming months, Zara plans to enter new markets, including South Africa, Taiwan, Georgia, Azerbaijan and Peru.