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We expect solid 3Q’22 performance (results to be released on 14/12), with LfL sales growing around +8% in a quarter that will end worse than it began (demanding comparison, closures/restrictions and unfavourable weather conditions) and with a positive impact from price increases (around +5%). Although there will be pressure on the gross margin (around -70bps to ~60% due to rising procurement costs), the deterioration of the EBIT margin will be limited (around -20bps to 21.6%). All eyes will be on the trading update (Nov-Dec), where we expect indications and confirmation of the guidance (+/-50bps on gross margin), which is important following the +15% recorded since 2Q’22 results (+12% vs. IBEX and +5% vs. sector).
INDITEX: 3Q’22 RESULTS PREVIEW (ANÁLISIS BANCO SABADELL)
Solid 3Q’22 results, but all eyes will remain on the trading update. BUYWe expect solid 3Q’22 performance (results to be released on 14/12), with LfL sales growing around +8% in a quarter that will end worse than it began (demanding comparison, closures/restrictions and unfavourable weather conditions) and with a positive impact from price increases (around +5%). Although there will be pressure on the gross margin (around -70bps to ~60% due to rising procurement costs), the deterioration of the EBIT margin will be limited (around -20bps to 21.6%). All eyes will be on the trading update (Nov-Dec), where we expect indications and confirmation of the guidance (+/-50bps on gross margin), which is important following the +15% recorded since 2Q’22 results (+12% vs. IBEX and +5% vs. sector).
Underlying
Inditex (ITX SM)
Provider
Sabadell
Arancha Pineiro
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