Inditex: solid FY23 results but increasingly hard to satisfy a demanding CSS
For the third year in a row, Inditex achieved double-digit FX-n sales growth with +14.1% in FY23 and EBIT margin up 200bp to 18.9%, the highest profitability level since 2012. Although some investors could be slightly disappointed by the modest margin miss in Q4 (-1% vs. CSSe), especially after the
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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