Spring/Summer collections have been very well received by our customers. Sales grew 5.8% to reach €8.7 billion. Sales in constant currency grew 8.8%.
In Q1 2026, Retail Optimization activities (refurbishments, relocations, new openings and absorptions) have been conducted in 44 markets over the period.
At the end of the period Inditex operated 5,456 stores.
In Q1 2026, the execution of the business model was sound. Gross profit increased 6.9% to €5.4 billion. The gross margin reached 61.2%, (+67 bps versus 1Q2025).
- All expense lines have been tightly controlled and show a favourable evolution. Operating expenses increased 6.4%.
- EBITDA increased 7.3% to €2.6 billion.
- EBIT increased 7.0% to €1.8 billion and PBT increased 5.5% to €1.8 billion with a PBT margin of 20.1%.
- Annex II includes a breakdown of the Financial Results.
- The tax rate applied to the quarterly results is the best estimate for the financial year 2026 based on available information.
- Net income increased 5.4% to reach €1.4 billion.
- The net cash position was €10.8 billion at the end of Q1 2026.
In line with the performance of the business, inventory as of 30 April 2026 was 1% higher versus the same date in 2025. The inventory is considered to be of high quality.
Second quarter 2026
Spring/Summer collections continue to be very well received by our customers. Store and online sales in constant currency between 1 May and 1 June 2026 increased 11.5% versus the same period in 2025, positively impacted by calendar effects.
Outlook
The flexibility and responsiveness of our business in conjunction with in-season proximity sourcing allows a rapid reaction to fashion trends and reinforces our unique market position. The growth of the Group is underpinned by the continual investment in our store network, the advances made to the online sales channel and the improvements to the logistics platforms, with a clear focus on innovation and technology. Artificial intelligence is increasingly embedded across the Group’s operations, supporting our teams and enhancing the customer experience. Sustainability is central to our strategy.
Inditex operates in 215 markets with low share in a highly fragmented sector and we see strong growth opportunities. Optimisation of stores is ongoing, and we expect this to drive further gains in store productivity. The growth of annual gross space in 2026 is expected to be around 5%, accompanied by positive net space contribution and strong online sales.
At current exchange rates, Inditex anticipates a -1% currency impact on sales for 2026. In 2026, Inditex expects a stable gross margin (+/-50 bps).
In order to continue underpinning the long-term growth of Inditex, we are executing investments that are increasing the competitive differentiation of the Group. We estimate ordinary capital expenditure of around €2.3 billion in 2026. This investment will be mainly dedicated to the optimisation of our commercial space, its technological integration and the improvement of our online platforms.
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