Narrow-Moat Inditex Posts Another Quarter of Steady Growth; Shares Fairly Valued
Narrow-moat Inditex’s first-quarter update highlighted steady growth and margin maintenance, with local-currency sales growth of 12.5% and operating margin of 15% (versus 14.4% in the prior-year quarter). Furthermore, a 10-basis-point increase in gross margin to 58.2% and inventory growth significantly trailing revenue growth at 8% makes us confident that its responsive supply chain is firmly intact and continues to yield advantages in pricing, inventory turnover, and merchandising. As a result,...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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