Festive trading gets off to strong start at Zara-owner Inditex

(Sharecast News) - Zara-owner Inditex said on Wednesday that festive trading had got off to a strong start, as it posted third-quarter numbers ahead of analyst expectations. Sales at the Spanish retail giant grew 10.6% in November year-on-year on a constant currency basis, a critical period for the fashion sector that also includes Black Friday sales.

The group, a global fast fashion bellwether, said its autumn/winter collections continued to be "well received" by customers.

The update came as Inditex posted a 4.9% rise in sales in the three months to 31 October, to €9.8bn, or 8.4% in constant currency. Analysts had been expecting sales closer to €9.69bn.

Earnings before interest, tax, depreciation and amortisation grew 8.9% to €3.2bn, while net income was 9% stronger at €1.8bn.

Inditex said: "By continually investing in stores, the global online channel and our centralised logistics platforms, with an accompanying focus on sustainability, we will continue to generate long-term growth."

Inditex, which also owns Pull&Bear, Bershka and Massimo Dutti, among others, currently has around 5,500 stores in 214 markets.