The highlights came from the group’s younger concepts. Stradivarius grew sales by 18.5%, Bershka by 16.7% and Oysho by 21.3%, making them some of the fastest-growing brands in the portfolio. Pull&Bear and Massimo Dutti also delivered healthy growth of 8.9% and 10.4%, respectively. These brands cumulatively account for just over 30% of the group’s revenue.

For the group, gross profit increased by 8.3% to €11.6 billion, with the gross margin improving to 58.7%. This is particularly noteworthy given elevated transport and shipping costs linked to rerouting around the Red Sea. While operating expenses grew slightly faster than revenue, management emphasised that the pressure was largely freight-related and that underlying cost discipline remains intact.

Inditex continues to invest heavily in strengthening its competitive advantages. The company is rolling out RFID technology, automated stockroom sorting systems and advanced checkout solutions across its store network. These investments improve inventory accuracy, reduce friction for customers and help stores operate more efficiently.

The group’s capital allocation strategy also remains disciplined. Management reaffirmed approximately €2.3 billion in ordinary capital expenditure for 2026, focused on store optimisation, logistics capabilities, technology infrastructure and controlled space expansion. Gross selling space is expected to increase by around 5% during the year.

One of the most interesting opportunities remains Lefties, the group’s value-focused (i.e. cheaper merchandise) concept. Following success in markets such as Italy, the brand is now expanding into France and the United Kingdom. Management highlighted that Lefties leverages the same technology, logistics infrastructure and operating model as Zara, allowing it to maintain attractive economics despite its lower price point.

In an environment where many retailers continue to battle shifting consumer spending patterns and supply chain disruptions, Inditex is demonstrating the benefits of its integrated business model. With Zara continuing to generate substantial cash flows, faster-growing brands expanding their contribution, and management allocating capital towards technology, logistics and selective expansion, the company appears well positioned to continue taking market share across the global fashion industry.