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Inditex profit misses consensus by 18.3% in fiscal Q4

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Capital Markets View – January 2021


Inditex profit misses consensus by 18.3% in fiscal Q4

Industria de Diseño Textil SA said its normalized net income for the fiscal fourth quarter ended Jan. 31 amounted to 23 euro cents per share, compared with the S&P Capital IQ consensus estimate of 28 cents per share.

EPS rose 6.9% year over year from 21 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €708.4 million, a gain of 6.9% from €662.6 million in the prior-year period.

The normalized profit margin declined to 11.5% from 12.3% in the year-earlier period.

Total revenue grew 13.8% on an annual basis to €6.16 billion from €5.41 billion, and total operating expenses increased 15.2% from the prior-year period to €5.04 billion from €4.37 billion.

Reported net income grew 5.0% from the prior-year period to €854.6 million, or 27 cents per share, from €813.5 million, or 26 cents per share.

For the year, the company's normalized net income totaled 75 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 93 cents.

EPS rose 16.4% from 65 cents in the prior year.

Normalized net income was €2.35 billion, a rise of 16.3% from €2.02 billion in the prior year.

Full-year total revenue increased 15.4% from the prior-year period to €20.90 billion from €18.12 billion, and total operating expenses increased 15.3% on an annual basis to €17.20 billion from €14.92 billion.

The company said reported net income grew 15.0% on an annual basis to €2.87 billion, or 92 cents per share, in the full year, from €2.50 billion, or 80 cents per share.