Inditex Growth Slowed Last Year And Rebounded Initially.

< p > Fashion Brand > a href= "//www.sjfzxm.com/news/index_c.asp" > Zara < /a > the parent company and the world's largest clothing retailer InditexSA2013 recorded the lowest profit growth in the past five years. The net profit for the year ended January 31, 2014 was less than 1% to 2 billion 380 million euros in the 2012 fiscal year. The group blamed the increase in its external currency depreciation and the increase in store expenditure during the refurbishment period, but the 2 billion 380 million euro level basically reached 2 billion 390 million euros forecast by analysts.

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< p > net sales increased 4.9% to 16 billion 724 million euros year-on-year, in line with analysts' expectations, an increase of 8% in local currency and a 3% increase in same store sales.

Gross margin declined by 50 basis points to 59.3%, and the Group expects the gross profit margin to be "stable" in fiscal 2014.

EBITDA core profit reached 3 billion 900 million euros, the first time since 2001, but it has exceeded analysts' expectations.

The group decided to issue an annual dividend of 2.42 euros per share, an increase of 10% over the previous year.

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Sales in Asia and other parts of the world increased from 19.7% to 20.4% in the past year, more than 19.7% in the Spanish local market and 14% in the Americas. In addition to Spain, Europe is still the most concentrated group in the market, accounting for 45.9% of P.

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< p > furniture brand < a href= "//www.sjfzxm.com/news/index_c.asp" > Zara < /a > Home is the fastest growing brand, year-on-year sales rose 29% to 451 million euros, while leisure brand Pull&Bear, mid-range brand MassimoDutti and underwear brand Oysho all achieved double-digit growth, sales increased by 10%, 14% and 12% to 1 billion 191 million euros, 1 billion 293 million euros and 353 million euros respectively.

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< p > juvenile clothing brands Bershka and Stradivarius all recorded an increase of 5%, with sales of 1 billion 556 million euros and 1 billion 6 million euros.

Flagship brand Zara grew by only 2% to 10 billion 804 million euros.

The only shrinking brand is another high-end brand, Uterque, with sales down 4% to 71 million euros.

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P > as of January 31, 2014, all brands under a href= "//www.sjfzxm.com/news/index_c.asp" > Inditex < /a > SA (ITX.MC) have 6340 stores in 87 markets around the world.

The group said it will speed up the opening of new stores in fiscal year 2014, and is expected to invest 1 billion 350 million euros to open 450-500 new stores. Compared to the 2013 net fiscal year, 331 new stores only cost 1 billion 240 million euros, and the retail area increased by 9% over the same period.

Last year, we planned to add 440-480 new shops. The reason why the shop failed to reach the standard was that the group changed its strategy in the middle term to close down smaller stores, set up new large stores and renovate some 100 important flagship stores.

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In March this year, after entering the Greek electricity supplier market in March, the online sale website of Romania will soon be launched, and after the autumn and winter break into South Korea and Mexico, the e-commerce market of P (ITX.MC) will reach 27. It is the biggest competitor, and the Swedish apparel retailer H&MHennes&MauritzAB (HMb.ST) expects more than two times of the 13 ITX.MC.

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< p > InditexSA (ITX.MC) pointed out that the performance has rebounded since entering the 2014 financial year.

In the six weeks from February 1st to March 15th, the group's total sales increased by 12% (in local currency).

Investors heard about InditexSA (ITX.MC), and the stock price rose 4.36% to 107.6 euros at the time of the deadline, the biggest increase in nine months.

According to the current stock price of InditexSA (ITX.MC), its P / E ratio is 24.6 times, which is 22.8 times higher than that of H&MHennes&MauritzAB (HMb.ST) and 13 times of that of GapInc. (NYSE:GPS).

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