Inditex, the owner of Zara, reported that August sales rose 9% on a constant currency basis, beating expectations despite the hot weather in Europe affecting shopping behavior. Second-quarter sales, covering May through July, reached 11 billion euros, while consumers continued to face pressure from high energy prices and weak confidence. For the first half, Inditex posted a gross profit of 11.6 billion euros, up 8.3% from the same period last year, with a gross margin of 58.7%. Oscar Garcia Maceiras, CEO of Inditex, said the results reflect the potential of the team despite a complex global business environment. The prolonged heat is impacting European retail, with companies adjusting their product offerings to match the weather, as temperatures remained high into the back-to-school period, when stores typically start selling winter clothing. Data from European Union scientists indicates that Western Europe experienced its hottest June and July on record.
Industria de Diseno Textil SAInditex reported August sales rose 9% on constant currency, beating expectations despite hot European weather.
