Inditex, the world’s largest listed fast-fashion retailer and owner of Zara, reported a stronger start to its autumn sales on Wednesday. The company’s performance offered investors encouragement as it continues to face what CEO Oscar Garcia Maceiras described as a “complex market environment.”
From August 1 to September 8, sales rose 9% in currency-adjusted terms compared with the same period last year. This was a notable improvement from the 5.1% growth seen in the first half. Shares in Inditex, which have struggled this year, jumped 6% in early trading following the update.
The rebound comes after weaker-than-expected second-quarter results. Sales for the quarter ending July 31 reached 10.08 billion euros ($11.81 billion), falling short of the 10.26 billion euros forecast by analysts, according to LSEG data.
Currency effects weighed heavily on performance. A weaker U.S. dollar reduced the value of sales in Inditex’s second-largest market after Spain. The company now expects currency shifts to cut sales by 4% in 2025, compared to an earlier forecast of 3%.
“Even without the currency impact, sales growth was slightly weaker than we anticipated,” said Sara Herrando Deprit, analyst at Kutxabank Investment. “Still, the second half is the crucial period for Inditex, and stronger momentum is a positive signal.”
Inditex’s CEO emphasized that first-half results were solid despite market challenges. The company also faces additional pressure from U.S. President Donald Trump’s tariffs on imports, which have pushed up costs for many retailers sourcing from Asia. This has forced clothing and sneaker brands to raise U.S. prices to protect margins.
Shares in Inditex have slipped in 2025 as investors adjust to slower growth after four consecutive years of double-digit increases. Net profit for the first half rose only 0.8% to 2.79 billion euros. Analysts have raised concerns about whether Zara can sustain demand and increase prices in the U.S. market without weakening sales.
Despite these challenges, Inditex has steadily expanded its global market share since the COVID-19 pandemic. Its flexible supply chain, sourcing closer to key markets, and portfolio of brands — including Pull & Bear, Massimo Dutti, Bershka, Stradivarius, and Oysho — continue to give the Spanish company an advantage, particularly as Swedish rival H&M struggles to keep up.
