Following today’s release of Inditex’s figures for the six months ending 30 June 2026; Sharon Iles, senior apparel analyst at GlobalData, a leading intelligence and productivity platform, offers her view: “Inditex delivered a strong first half for FY2026/27, with net sales rising 7.6% to €19.8bn, a marked acceleration from the 1.6% growth reported for the same period a year earlier, supported by strong customer reception of the Spring/Summer collections and continued expansion of the store network. On a constant currency basis, sales grew 9.2%, underlining the continued strength of demand even as adverse foreign exchange movements trimmed the reported figure. Profitability kept pace with the topline, EBITDA rose 7.8% to €5.5bn and net income grew 6.8% to €3.0bn. Momentum has carried into Q3, with store and online sales in constant currency up 9% between August 1 and September 7. Despite this broadly positive picture, Inditex share price fell c.4.0% in early trading, suggesting investors had priced in an even stronger set of results.
“Zara, the group’s flagship concept encompassing Zara, Zara Home, and Lefties, remained the largest contributor to sales but posted the softest growth among Inditex’s brands, up 4.8% to €13.8bn, a function of its already substantial revenue base leaving less scope for outsized expansion. In reported currency, the group’s smaller concepts continued to outperform. Oysho grew 21.3%, Stradivarius 18.5%, and Bershka 16.7%, reflecting sustained demand from younger, price-conscious shoppers and continuing momentum in activewear. Massimo Dutti and Pull&Bear also delivered solid growth, up 10.4% and 8.9% respectively. Massimo Dutti’s growth marks a clear reversal from a year earlier, when it was the one Inditex brand to decline, this year it has swung to one of the stronger contributors in the portfolio.
“Regionally, Europe (excluding Spain) increased its share of group sales by 0.8ppts to 51.5%, underscoring the strength of Inditex’s positioning in its core market and the effectiveness of its fast-reacting supply chain, while Spain’s share also edged up by 0.1ppts to 15.6%. Asia & Rest of World’s share contracted by 1.0ppts to 15.0%, which reflects continued portfolio restructuring in the region rather than weaker underlying demand, given that the group confirmed positive sales evolution in constant currency across every region. The Americas held its share broadly steady at 17.9%, up 0.1ppts, a modest improvement on the prior year that suggests somewhat firmer trading conditions in a market that has faced pressure from tariffs and competition from both established and disruptive rivals.
“Throughout the period, Zara continued to expand its global footprint, opening new flagships in Los Cabos, Mexico, London’s Bond Street, Seoul’s Gangnam district, and Ostend, Belgium. Smaller concepts also extended their reach, with Bershka opening in Miami’s Aventura Mall and Massimo Dutti in Seoul’s Hannam district. The group also completed the rollout of soft tag technology across its entire store network. These RFID-enabled labels allow individual garments to be tracked from distribution centre through to the shop floor. The rollout extends a techn
