3 December 2025
If you are covering the financial results of Zara’s parent company, Inditex, please find below a comment from Mamta Valechha, consumer discretionary analyst at Quilter Cheviot:
“Zara’s parent company, Inditex, delivered a strong set of results in its most recent quarter (August to October), beating expectations across the board, and encouragingly, a strong exit rate too. Third quarter sales great at 8.4% on a constant currency basis, while operating income grew 11.2%. Meanwhile margins were up to 24.2%, driven by strong top line growth and good cost control.
“Promisingly, the autumn and winter period remains well received, with an acceleration in topline growth to 10.6%. To put this into context, last year’s comparison was 9%, highlighting a very strong period between 1 Nov and 1 Dec, and is comfortably ahead of investors’ expectations of 7.7%.
“Inditex does not give any formal guidance, but currency is expected to be a headwind, but the business continues to expect further like for like growth from store productivity, and positive space contribution, and the group continues to expect stable gross margins.
“What today’s results demonstrates is the strength of Inditex’s business model. In the midst of macroeconomic pressures and currency headwinds, the group continues to benefit from good traction from consumers as near sourcing allows it to keep its product range fresh and discounting low, and very impressively continues to maintain its margins.”
