Zara owner Inditex misses sales and profit expectations due to currency fluctuations and floods

From Investing.com: 2024-12-11 03:55:35

Zara owner Inditex posted a rare miss on quarterly sales and profit, with shares falling 6% due to currency fluctuations and floods in Spain. Third-quarter sales of 9.36 billion euros fell below analyst expectations, with a 8.5% rise in net profit to 4.44 billion euros also lagging. Severe floods in Spain had a “very limited” impact on performance. Inditex makes most of its sales in euros, causing a negative impact from a strong dollar and weak euro. Despite setbacks, the company remains on its growth trajectory, with a focus on investing in larger stores, logistics centers, and marketing. The holiday season started well, with revenues up 9% in the six weeks to Dec. 9, including Black Friday sales. Currency-adjusted sales growth was at 10.5% in the first nine months of the fiscal year.



Read more at Investing.com: Zara owner Inditex misses third-quarter sales and profit expectations By Reuters