Report
Cedric Rossi

INDITEX BUY | EUR31 Robust top-line trends in Q2 and over the first half of Q3

Q2 FX-n growth (c.9%) and LFL both beat expectations
Margin miss due to FX
Very healthy inventory levels (-1.1pp to 9.9%)
No slowdown in current trading: +8% FX-n over 1st Aug to 8th Sep
Underlying
Provider
Bryan Garnier
Bryan Garnier

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.

Analysts
Cedric Rossi

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