Inditex 1Q Revenues Hit by Weather But Gross Margin Expands. Shares Attractive
We are reducing our fair value estimate for narrow-moat Inditex to EUR 29 per share as the firm reported first-quarter results, with weaker growth than our full-year expectations but a margin improvement. The reduction in fair value is largely because of our more cautious stance over the long-term growth rate (we are reducing our stage II growth rate to 6% from 8%) because growth from such a significant size would become more difficult, while the high rate of competitiveness in the apparel segme...Industria de Diseno Textil Inditex is the parent company of a group engaged in apparel and footwear manufacturing and retailing. The Group is made up of fashion retail chains, textile manufacturing, purchasing and fabric treating companies, logistics and construction companies which are responsible for store refits and manufacturing structure. Products include men's, women's and children's wear collections, footwear, and women's lingerie which are sold through the Group's retail store chains of: Zara, Kiddy's Class, Pull & Bear, Massimo Dutti, Bershka, Stradivarius, and Oysho and Zara Home.
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