Edition:
India

Inditex FY Net Profit Up 2 Pct At 3.44 Bln Euros YoY


Wednesday, 13 Mar 2019 

March 13 (Reuters) - Industria de Diseno Textil SA ::FY NET PROFIT 3.44 BILLION EUROS VERSUS 3.37 BILLION EUROS YEAR AGO.FY EBITDA 5.46 BILLION EUROS VERSUS 5.28 BILLION EUROS YEAR AGO.FY NET SALES 26.15 BILLION EUROS VERSUS 25.34 BILLION EUROS YEAR AGO.STORE AND ONLINE SALES IN LOCAL CURRENCIES INCREASED 7 PERCENT FROM 1 FEBRUARY TO 9 MARCH 2019.TO START APPLYING IFRS 16 IN FY 2019.GROSS MARGIN REACHED 56.7 PERCENT (+39 BPS), INVENTORY GREW 1 PERCENT IN FY 2018.IMPLANTATION OF IFRS 16 WILL HAVE NO MATERIAL IMPACT ON CASHFLOWS OR THE BUSINESS.UNDER CURRENT ESTIMATES IT WILL RESULT IN AN INCREASE IN FY 2019 NET INCOME OF 2 PERCENT TO 4 PERCENT OVER FORMER IAS 17, AND LEASE LIABILITIES OF 6.5 BILLION TO 6.9 BILLION EUROS.MANAGEMENT ESTIMATES LIKE-FOR-LIKE SALES GROWTH OF 4 PERCENT TO 6 PERCENT IN FY 2019.TO PROPOSE ORDINARY DIVIDEND OF 0.66 EUROS PER SHARE AND A BONUS DIVIDEND OF 0.22 EUROS PER SHARE FOR FY 2018.LIKE-FOR-LIKE SALES GROWTH UP 4 PERCENT VERSUS 5 PERCENT IN FY 2017.IN FY 2019 ESTIMATES GROSS SPACE GROWTH IN PRIME LOCATIONS BETWEEN 5 PERCENT TO 6 PERCENT.SEES ESTIMATED LIKE-FOR-LIKE SALES GROWTH OF 4 PERCENT TO 6 PERCENT IN FY 2019.ORDINARY CAPITAL EXPENDITURE IN FY 2019 WILL BE APPROXIMATELY 1.4 BILLION EUROS.TO LAUNCH ZARA ONLINE SALES IN BRAZIL IN MARCH 2019.IN MAY, ZARA EXPECTS TO LAUNCH ONLINE SALES IN DUBAI, EGYPT, INDONESIA, ISRAEL, LEBANON, MOROCCO, SAUDI ARABIA, SERBIA AND UAE.