Inditex gross profit for the nine months rose by 40 per cent. The gross profit margin rose 101 bps to 59 per cent. The nine-month ebitda rose 63 per cent while ebit was up a huge 248 per cent. Pre-tax profit rose 277 per cent and net income was up 273 per cent. At current exchange rates, the currency impact on sales in the second half is expected to be around plus 0.5 per cent versus the second half of 2020 and minus 5.5 per cent versus 2019. The migration to the Inditex Open Platform (IOP) is close to 97 per cent complete and all its stores are open. Sales are returning to normal levels and online sales continue to grow.

The fashion giant’s strategic transformation toward a fully integrated digital and sustainable business model is accelerating. Net income and pre-tax profit both reached historic highs in the third quarter with a strong comparison against the pre-pandemic period in 2019. And sales growth in constant currency in the three months to the end of October continued to speed up with a ten per cent increase versus 2019. Store sales have been steadily improving all year and in the third quarter they exceeded 2019 levels despite the firm having 11 per cent fewer stores.