Half Year 2024 Industria de Diseno Textil SA Earnings Call Transcript
Key Points
- Sales growth of 7.2% in the first half of 2024, with constant currency sales increasing by 10.2%.
- Net income increased by 10.1% to EUR2.8 billion, indicating strong profitability.
- EBITDA grew by 8.1% to EUR5 billion, reflecting efficient cost management and operational leverage.
- Strong cash flow generation, with funds from operations before corporate income tax increasing by 9% to EUR4.4 billion.
- Continued global expansion with new store openings in 34 different markets, including significant projects in the United States, India, and Peru.
- Sales in Asia were almost stable in constant currency, indicating challenges in that region.
- Expected a minus 3% currency impact on sales for the full-year 2024, which could affect overall revenue.
- Operating expenses increased, although they were managed below sales growth, indicating ongoing cost pressures.
- Depreciation and amortization trends were flat, with no clear guidance on future changes, adding uncertainty to financial projections.
- Sustainability initiatives may incur additional costs, with no clear indication of how these will be managed or offset.
(spoken in foreign language) Good morning to everybody. A warm welcome to all of those attending the presentation of Inditex's results for the interim first-half 2024. I am Marcos Lopez, Capital Markets Director. The presentation will be chaired by Inditex's CEO, Oscar Garcia Maceiras. Also with us is our CFO, Ignacio Fernandez. The presentation will be followed by a Q&A session, starting with the questions on the telephone and then those received through the webcast platform.
Before we start, we will take the disclaimer as read. Please, Oscar.
Good morning, and welcome to our results presentation. It's our pleasure to join you today. In the first half of 2024, Inditex has continued its robust operating performance driven very much by the creativity of our teams and the strong execution of our fully integrated business model.
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