Sales for the three months ended April 30, 2026 increased 5.8% to €8.7 billion. In constant currency terms, sales rose 8.8%, reflecting positive momentum across both physical stores and online channels.
Gross profit increased 6.9% to €5.35 billion, with the gross margin improving to 61.2%. Operating expenses rose 6.4%, which the company said reflected continued tight cost control.
EBITDA increased 7.3% to €2.6 billion, while EBIT rose 7% to €1.8 billion. Profit before tax reached €1.76 billion, up 5.5%, and net income increased 5.4% to €1.4 billion during the quarter.
Inditex maintained a strong financial position, ending the quarter with net cash of €10.8 billion. Inventory levels were 1% higher than a year earlier, with the company noting that stock quality remains high. The group operated 5,456 stores at the end of April following ongoing optimisation activities, including refurbishments, relocations and new openings across 44 markets.
Trading momentum has continued into the second quarter. Store and online sales in constant currency between May 1 and June 1, 2026 increased 11.5% compared with the same period last year, supported in part by calendar effects.
Outlook
Looking ahead, Inditex expects annual gross retail space growth of around 5% in 2026, supported by continued store optimisation and strong online sales. The company anticipates a currency impact of approximately -1% on sales this year and expects gross margin to remain stable.
Capital expenditure is expected to total around €2.3 billion in 2026, focused on store optimisation, technology integration and enhancements to online platforms. The retailer also highlighted the growing use of artificial intelligence across its operations to support teams and improve the customer experience.
