MADRID (dpa-AFX) - Inditex SA(IDEXF.PK), a Spanish clothing firm, on Wednesday posted a surge in its earnings for the first quarter on a rise revenues supported by a sharp recovery in store traffic and a good reception for all seven brands' new season collections.
For the first quarter, the company posted a net profit of 760 million euros, compared with 421 million euros last year.
Inditex has decided to recognize a provision of 216 million euros to cover all of the extraordinary costs derived from the temporary closure of its business in Ukraine and Russia. Excluding this provision, the Group would have registered a net income of 940 million euros.
EBIT was at 1.03 billion euros, higher than 569 million euros of previous year, whereas EBITDA also moved up to 1.92 billion euros, from last year's 1.23 billion euros.
The Board will propose a total dividend of 0.93 euro per share of which 0.46 euro is already paid out. The balance is expected to be paid on November 2.
For the quarter ended in April, the Group's sales were recorded at 6.74 billion euros as against 4.94 billion euros of previous year.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX