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Inditex sees Holiday sales accelerate after slow nine months when profits inched up

Inditex said Thursday sales were accelerating in the Holiday season as the Spanish fashion giant reported  a slender profits rise and relatively solid sales in the first nine-months.

Net profit rose 1% to €1.69bn ($2.1bn) for the February 1-October 31 period, from €1.67bn a year ago. Ebitda rose 2% year-on-year.

Sales grew 7% to €12.71bn, or up 10.5% currency neutral, while same-store sales for the period were “stong”.

Inditex said sales in the first five weeks of Q4 accelerated compared with the rest of the year with currency neutral store and online sales jumping 14% for the November 1-December 8.

Inditex said it opened 230 stores in the first nine months, taking its total to 6,570 stores in 88 countries. The group noted it created 8,500 new jobs during the last year, 1,500 of which were in Spain, lifting its global headcount to 133,400.

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