Apparel Retailer Inditex2010 Net Profit Of $780 Million In The Fourth Quarter
The largest clothing in the world
retail
InditexSA (ITX) announced its fourth quarter financial results in fiscal 2010 in March 27th.
The report shows that Inditex's net profit in the fourth quarter exceeded Wall Street analysts' expectations. The company said it would speed up its expansion in the shops and Internet sales.
The report shows that in the quarter ended January, based on annual results, Inditex's net profit in the fourth quarter was 553 million euros ($784 million), an increase of 14% over the same period last year, exceeding analysts' expectations.
According to a Bloomberg survey, 10 analysts surveyed were on average expecting Inditex net profit of 523 million euros (US $742 million) in the fourth quarter.
Affected by this, Inditex shares rose 6.1%, the highest gain since last June 9th.
In the financial year ended January,
Inditex
Net profit is 1 billion 730 million euros (US $2 billion 450 million), which is higher than the 1 billion 310 million euro (US $1 billion 860 million) in fiscal year 2009.
The net sales in the fiscal year Inditex2010 were 12 billion 500 million euros (US $17 billion 700 million), an increase of 13% over the 2009 fiscal year, which led it to the nearest competitor Hennes&MauritzAB, which had a net sales of 11 billion 200 million euros (US $15 billion 900 million) in the 2010 fiscal year ended November.
Inditex's gross profit margin last year was 59.3%, up from 57.1% in 2009.
Although Europe and
U.S.A
Consumer spending in the market has declined, but Inditex is still increasing investment. The company plans to open up to 500 stores this year, up from 437 last year.
Inditex said that at least half of the company's planned new Zara chain will be located in the Asian market, where personal consumer income is growing, thereby boosting spending.
In addition, Inditex also plans to launch online sales of brands other than Zara in the second half of this year.
Inditex said the company will launch its online sales of Pull&Bear, MassimoDutti, Bershka, Stradivarius, Oysho and Uterque in autumn and winter this year.
Inditex said the company's total capital expenditure this year is expected to be around 800 million euros.
Inditex's Zara brand has launched online sales in 16 countries. The company plans to expand the business to the US and Japanese markets.
Inditex opened 160 new stores in the Asian market last year, 75 of which are located in big cities and smaller cities in China.
Inditex plans to open 120 new stores in China in 2011, which will cover 8 brands of the company.
Inditex said sales in local currency increased by 10% between February 1st and March 14th.
Inditex also said the company plans to pay an annual dividend of 1.60 euros (US $2.27) per share, a 33% higher than the previous year.
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