The company reported that sales were up by 15% in constant currency. Gross profit for the period was up by 14% to €4.6 billion with a gross margin of 60.5%.

EBITDA increased by 14% year-on-year to €2.2 billion while EBIT was up by 43% over 2022 to reach €1.5 billion. Net income, meanwhile, saw an increase of 54% over the same period of 2022 for a total of €1.2 billion.

Inditex opened stores in 17 markets during the quarter, ending the period with a total of 5,801 stores globally.

Looking forward, the company said in a statement: “Inditex continues to see strong growth opportunities. Our key priorities are to continually improve the fashion proposition, to enhance the customer experience, to increase our focus on sustainability and to preserve the talent and commitment of our people. Prioritising these areas will drive long-term growth. To take our business model to the next level and extend our differentiation further we are developing several initiatives in all key areas for the coming years.

“Inditex operates in 213 markets with low share in a highly fragmented sector and we see strong growth opportunities. We expect increased sales productivity in our stores going forward. The growth of gross space in 2023 will be around 3%. Optimisation of stores is ongoing. Inditex expects space contribution to sales to be positive in 2023. We continue to see a very satisfactory evolution of online sales and an increasing participation in the group total. At current exchange rates, Inditex expects a -2.5% currency impact on sales in FY2023.”