Inditex confirms full year outlook: like-for-like sales to grow 6%

Inditex keeps full year outlook. The company plans to end its fiscal year with a like-for-like growth of between 4% and 6%, in line with what was announced in the presentation of the half year results. The company expects to increase its selling space between 5% and 6% and estimates that the contribution of the new space to the growth of the group will be around 3%.

The Spanish group plans to invest around 1.4 billion euros (1.5 billion dollars) for its fiscal year 2019, mainly due to the increase of its new selling space in key locations. At the end of October Inditex operated 7,486 stores in 96 markets, 44 more stores than on the same period of 2018.

The Spanish group ended the third quarter with a net profit rise of 14% year-on-year, to 1.2 billion euros (1.3 billion dollars). Excluding the impact of IFRS 16, the increase was 12%. In the third quarter, revenue rose by 9.7%.