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We expect robust sales in its 2Q’22 results (to be released on 14/09), growing ~+11% on a quarter that would see a decreasing performance (demanding comparable basis and closures/restrictions) with the positive impact of price increases (~+5%). Although the gross margin will be under pressure (-40bps to 56% due to the increase in procurement and exchange rate), we expect an increase in the EBIT margin (~+25bps to 16.2%). Following the recent corrections (-11% in absolute terms in the past month; -7% vs. Ibex35 and +6% vs. sector) due to the doubts surrounding consumption numbers, the market will pay close attention to the trading update (Aug/Sept), where dispersion is significant (+/-5%) and to the confirmation of its guidance (+/-50bps in gross margin), which we expect to be confirmed.
INDITEX: 2Q’22 RESULTS PREVIEW (ANÁLISIS BANCO SABADELL)
We expect good 2Q’22 Results but the highlight will be the trading update. BUY.We expect robust sales in its 2Q’22 results (to be released on 14/09), growing ~+11% on a quarter that would see a decreasing performance (demanding comparable basis and closures/restrictions) with the positive impact of price increases (~+5%). Although the gross margin will be under pressure (-40bps to 56% due to the increase in procurement and exchange rate), we expect an increase in the EBIT margin (~+25bps to 16.2%). Following the recent corrections (-11% in absolute terms in the past month; -7% vs. Ibex35 and +6% vs. sector) due to the doubts surrounding consumption numbers, the market will pay close attention to the trading update (Aug/Sept), where dispersion is significant (+/-5%) and to the confirmation of its guidance (+/-50bps in gross margin), which we expect to be confirmed.
Underlying
Inditex (ITX SM)
Provider
Sabadell
Arancha Pineiro
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