The company announces ordinary investments of around 1,800 million in 2024 after profit, sales and Ebitda at historical highs

Inditex recorded a record net profit of 5,381 million euros in its 2023-2024 fiscal year (from February 1, 2023 to January 31, 2024), the second of Marta Ortega as president, which represents an increase 30.3% compared to the previous year, as reported by the company, which will increase the dividend by 28%, to 1.54 euros per share.

Sales were also a record, reaching 35,947 million euros, 10.4% more than 2022, with an increase of 14.1% at constant exchange rate.

Sales had a “very satisfactory” evolution both in physical and online stores, positive in all geographical areas and in all formats.

The gross margin stood at 20,762 million euros, 11.9% higher than in 2022, and represents 57.8% of sales.

“Inditex’s performance in 2023 has been excellent. Our teams have been able to take advantage of opportunities to continue growing profitably. We are investing to boost future growth and continue offering attractive remuneration to shareholders,” highlighted the CEO of Inditex. , Óscar García Maceiras.

Thus, the board of directors will propose to the general meeting of shareholders an increase in the dividend of 28% for the year 2023, up to 1.54 euros per share, made up of an ordinary dividend of 1.04 euros and an extraordinary dividend of 0. 50 euros per share.

The dividend is made up of two equal payments: on May 2, 2024 a payment of 0.77 euros per share, corresponding to the ordinary dividend, and on November 4, 2024 a payment of 0.77 euros per share (0.27 ordinary euros plus 0.50 euros extraordinary).

Inditex’s dividend policy consists of an ordinary payout of 60% of profits and the additional distribution of extraordinary dividends.

The operating result (Ebitda) grew by 13.9%, to 9,850 million euros, and the net operating result (Ebit) by 23.4%, to 6,809 million euros.

Inditex has stressed that its integrated model had a “strong” operational performance in 2023 and that sales, Ebitda and net profit have reached historical highs.

Store sales increased by 7.9% in 2023 due to the growth in commercial traffic and the increasing productivity of stores. According to the company, this “strong” growth has been achieved with 2% more commercial space and 2% fewer stores than in 2022. In 2023 gross space has increased by 4.5%.

For its part, online sales also grew “satisfactorily”, by 16%, reaching 9,064 million euros.

Sales in stores and online in Spain represented 14.8% of the group’s total, while Europe without Spain represents 48.7%, America, 19.6%, and Asia and the Rest of the World, 16. .9%.

The company has highlighted, on the other hand, that the control of operating expenses has been “rigorous.” Operating expenses have increased 10% over 2022, below sales growth.

Due to the good execution of the business model, the funds generated (adjusted for lease payments) grew by 22.2% and the cash generated grew by 37.2%. Net cash has grown by 13.3%, up to 11,406 million euros.


The company estimates ordinary investments of around 1.8 billion euros in 2024. These investments will be dedicated mainly to the optimization of its commercial space, its technological integration and the improvement of online platforms.

Given the “important” opportunities for future growth, Inditex plans a logistics expansion plan in 2024 and 2025. This extraordinary two-year investment program focused on business expansion allocates 900 million euros to increase logistics capacity in each of the fiscal years 2024 and 2025.

Investment in fiscal year 2023 amounted to 1,872 million euros, of which 240 million euros correspond to extraordinary investments linked to multi-year projects.


Inditex has a presence in 213 markets, with a low share in each of them and in a highly fragmented sector, which is why it sees “strong growth opportunities.”

The company has highlighted that the store optimization process is a continuous task and continues to estimate “strong” store sales productivity in the future.

Thus, the growth of annual gross space in the period 2024-2026 is estimated at around 5%. Inditex expects a positive contribution from the space to annual sales in that period, in conjunction with a “strong” evolution of online sales.

On the other hand, the company has highlighted that the spring-summer collections have been “very well received” by customers.

Thus, in-store and online sales at constant exchange rates, adjusted for the calendar effect due to the leap year, increased by 11% between February 1 and March 11, 2024 compared to the same period in 2023. .