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INDUSTRIA DE DISENO TEXTIL
INDUSTRIA DE DISENO TEXTIL
FY16 figures come as no surprise
15 Mar 17
Inditex preserved its pace of growth during Q4, leading to a full-year sales’ increase of 11.5%. Group sales amounted to €23.31bn. Same-store sales edged up by 10% boosted by a favourable momentum experienced in all regions and across all brands. The gross margin retreated by 80bp to 57%, generating a gross profit of €13.28bn. EBITDA rose by 8% to €5.08bn. The cut in the operating margin was limited to 35bp to 17.24% with an operating profit of €4.02bn. Net profit amounted to €3.16bn (+9.7%). Higher profits have consolidated the net cash position further, to €6.1bn vs. €5.3bn a year earlier. Capex amounted €1.4bn, incurred mainly on developing logistics and commercial expansion whether in stores or online. Ytd sales were up 13% at CER. The board proposed a dividend of €0.68 (+13.3%).
Always living up to promises
14 Dec 16
The market momentum remains always favourable for Inditex. The growth pace was maintained in Q3 with an 11% surge in sales over the first nine months (+11% in H1) to reach €16.4bn. The strengthening euro has hit the performance only mildy as the sales increase amounted to 14.5% in local currencies. Margins have retreated slightly due to a 90bp slump in the gross margin (57.9%). EBIT was up 9% to €2.8bn, i.e. an operating margin of 17.2% vs. 17.5% a year earlier. Net income came to €2.2bn (+9%). The financial structure remains solid with increasing net cash from €5.1bn in October 2015 to €5.7bn in 2016. The positive momentum is confirmed in early Q4 with sales surging by 16% (in local currencies) up to 12 December. Global expansion is well on track in both physical stores and online. The group operates 7,240 stores in 93 markets.
21 Sep 16
The largest global retailer outperformed with 11% sales growth in H1 16 to reach €10.47bn. Forex moves have slightly halted the performance as sales in local currencies were up 16%. Organic growth remained strong at 11%. All the group’s brands experienced favourable momentum with a marked outperformance for Zara’s home concept which grew by 17% to €343m. The regional breakdown of revenues remained flat, where Europe contributed 60% to revenue and Asia less than 25%. The gross margin retreated by 1.3ppt to 56.8% bringing the gross profit to €5.9bn (+9%). EBITDA amounted €2.1bn, 7% higher than in H1 15. EBIT rose by 8% to €1.6bn. Net profit was up 8% to reach €1.26bn. The strong operational performance preserved a solid financial position with 13% surging net financial cash at €4,923m and a marked low debt level (€127m). WC remained almost flat at €-2,176m vs. €-2,239m a year earlier. The downstream expansion is ahead of schedule with 83 net openings in 38 markets, bringing the distribution network to 7,096 stores in 91 markets. Online sales are well on track. The start of H2 16 is promising as sales in local currencies have increased by 13% from 1 August to 18 September 2016. A final ordinary dividend of €0.30 per share will be payable on 2 November.
Growth well on track
15 Jun 16
Q1 16 sales were up by 12% to €4.9bn, held back partially by currency moves as the performance in local currencies was 17%. In Q1 16, Inditex consolidated its presence in 31 markets with 72 new openings, leading to a network of 7,085 stores by the end of April vs. 6,746 a year earlier. The platform expansion, both physical stores and online, raised operating costs by 10% and lowered the gross margin by 130bp yoy to 58.1%. EBITDA increased by 7% to reach €955m, leading to an EBITDA margin of 19.6% vs. 20.5% in Q1 15. EBIT amounted to €705m (+6%). Net profit increased by 6% to €554m. The strong operational performance sustains the solid financial position with a high cash position and low debt level. Net financial cash came to €5bn compared €4.1bn in Q1 16. The operating working capital was €-2bn. Q2 16 started in good shape as sales surged by 15% in local currencies up to 13 June. The Board will propose an annual dividend of €0.6, of which an interim dividend of €0.3 has already been paid to shareholders.
Immune from slowdown
18 Dec 15
The nine months’ sales grew by 15.7% yoy to €14,744m through 6,913 stores across 88 markets, i.e. a net channel expansion of 136 new stores in Q3 15. Europe contributed 47.4% to the nine months’ sales, followed by America at 20.4% and Asia & the rest of the world at 32.2%. Profitability was as guided with EBITDA increasing by 18% to €3,328m. EBIT amounted to €2,583m, drawing a net profit of €2,020m, i.e. 20% growth. Gross cash increased from €3,626m in October 2014 to €4,982m a year later.
N+1 Singer - Morning Song 24-04-2017
24 Apr 17
First Derivatives (FDP LN) FY slightly ahead as strong trading momentum continues | Goals Soccer Centres (GOAL LN) A potentially exciting corporate development | mporium Group (MPM LN) 2016 results: course set for exciting 2017 | Vectura Group (VEC LN) VR315 risk outweighs longer-term potential
Small Cap Breakfast
19 Apr 17
Global Ports Holding—Intention to float on Standard List. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected 3 May. RTO of Escape Hunt raising £14m at 135p Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1. Admission expected 25 April but capital raising details TBC. ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
Small Cap Breakfast
24 Apr 17
Global Ports Holding—Intention to float on Standard List of the Main Market. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected on AIM 3 May. RTO of Escape Hunt raising £14m at 135p. Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1 update. Admission expected 25 April on AIM raising £122m. ADES International Holding— Intends to join the Standard List of the Main Market in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May on specialist funds segment of Main Market to enable investors to complete further due diligence.
N+1 Singer - Morning Song 20-04-2017
20 Apr 17
Carpetright (CPR LN) Preview – FY pre-close update due on Tuesday | SDL (SDL LN) Disposal of Social Intelligence | Senior (SNR LN) Q1 trading in line | Senior (SNR LN) Q1 trading in line | Servelec Group (SERV LN) Calling the bottom | Trifast (TRI LN) FY17 results ahead of expectations