Interim Nine Months 2014 Results
1 February 2014 to 31 October 2014

Inditex continues to expand its global, fully integrated store and online sales platform.

Strong operating performance: Store & Online sales in local currencies increased by 10.5%
in the Interim nine months 2014. Like-for-like sales growth remains strong.

Net sales for the Interim nine months 2014 reached €12.7 billion, 7% higher.

Space growth for FY2014 is on track. On 29 November Zara opened a global flagship of
3,000m2 in Shanghai at 592 East Nanjing Road.

Gross profit reached €7.5 billion, 5% higher. Gross margin reached 58.9%.

Tight control of operating expenses.

EBITDA reached €2.8 billion, 2% higher. Income before taxes reached €2.2 billion, 2%
higher.

Net Income reached €1.7 billion (€0.542 per share), 1% higher.

Global online sales launches are on track: Zara began online sales in Mexico and South
Korea in September, taking the total for Inditex to 27 markets. Zara opened in Tmall in
October.

Store & Online sales in local currencies increased by 14% from 1 November to 8 December
2014.
Performance in the Interim Nine Months 2014
Inditex continues to expand its global, fully integrated store and online sales platform.
In the Interim nine months 2014, Inditex achieved a strong operating performance. Store &
Online sales in local currencies increased by 10.5%. Like-for-like sales growth remains strong.
Net sales reached €12.7 billion, 7% higher than 9M2013.
Space growth for FY2014 is on track. On 29 November Zara opened a global flagship of
3,000m2 in Shanghai at 592 East Nanjing Road. In the Interim nine months 2014 Inditex opened
stores in 50 markets. At the end of 9M2014 Inditex operated 6,570 stores in 88 markets. A list
of openings and total stores by concept is included in Annex 1.
Inditex has continued the global roll-out of its fully integrated multichannel strategy with the
launch of online sales for Zara in Mexico and South Korea in September 2014, taking the total
for Inditex to 27 markets. Zara opened in Tmall in October.
Gross profit rose to €7.5billion, 5% higher than the previous year. The Gross margin reached
58.9% of sales.
The change in the accounting method for Tempe from proportional consolidation to the equity
method according to the new IFRS rules highlighted earlier this year has reduced Inditex gross
margin by 40 bps in the Interim nine months 2014. This is a presentational issue with no
impact on Net income. A similar effect is expected for FY2014.
Operating expenses were tightly managed over the period, growing by 7%, mainly as a result
of the addition of new retail space and include all the start-up costs for new openings.
EBITDA rose to €2.8 billion, 2% higher than a year earlier.
A breakdown of financial results can be found in Annex 2.
Results from companies consolidated by the equity method came to €17 million.
Income before tax came to €2.2 billion, 2% higher.
The tax rate for 9M2014 is the best estimate for FY2014 according to current information.
Net income came to €1.7 billion, 1% higher than 3Q2013.
Inditex maintained its solid financial position at the end of the quarter. Inditex paid €754
million, €0.242 per share, as a FY2013 final ordinary and bonus dividend on 3 November 2014.
31 October
2014
3,626
224
(10)
(3)
3,837
Million Euros
Cash & cash equivalents
Short term investments
Current financial debt
Non current financial debt
Net financial cash (debt)
Interim Nine Months 2014 Results
2
31 October
2013
3,743
190
(14)
(2)
3,917
The operating working capital position remains negative as a result of the business model:
31 October
2014
2,329
948
(4,596)
(1,319)
Million Euros
Inventories
Receivables
Payables
Operating working capital
31 October
2013
1,945
884
(4,072)
(1,243)
Start of 4Q2014
Store & Online sales in local currencies have increased by 14% from 1 November to 8
December 2014.
The Autumn-Winter season is influenced significantly by the performance over both the
Christmas period and the after-Christmas sales period, due to their sales volumes.
The Results for the Full Year 2014 (1 February – 31 January) will be published on 18 March
2015.
For additional information:
Investor Relations
ir@inditex.com
Tel: +34 981 18 53 64
www.inditex.com
Interim Nine Months 2014 Results
3
Disclaimer
This document is of a purely informative nature and does not constitute an offer to sell,
exchange or buy, or the solicitation of an offer to buy, securities issued by any of the
companies mentioned herein.
This document contains forward-looking statements. All statements other than statements of
historical fact included herein, including, without limitation, those regarding our financial
position, business strategy, management plans and objectives for future operations are
forward-looking statements. Any such forward-looking statements are subject to risk and
uncertainty and thus could differ materially from actual results.
Some of these risks include, amongst others, ongoing competitive pressure in the sector,
consumer tastes and spending trends, economic, political, regulatory and trade conditions in
the markets where the Inditex Group is present or in the countries where the Group’s products
are manufactured or distributed.
The risks and uncertainties that could affect the forward-looking statements are difficult to
predict. Except for the cases where the prevailing rules and regulations in force require
otherwise, the company assumes no obligation to publicly revise or update its forward-looking
statements in the case of unexpected changes, events or circumstances that could affect them.
Given the uncertainties of forward-looking statements, we caution readers not to place undue
reliance on these statements.
For a discussion of these and other factors that may affect forward looking statements and the
Inditex Group’s business, financial conditions and results of operations, see the documents and
information communicated by the company to the Comisión Nacional del Mercado de Valores
(the Spanish Securities Commission).
The contents of this disclaimer should be taken into account by all persons or entities.
- Tables and appendix to follow –
Interim Nine Months 2014 Results
4
Consolidated financial statements
Grupo Inditex
3Q2014 profit & loss statement (€m)
Net sales
Cost of sales
Gross profit
Gross margin
Operating expenses
Other net operating income (losses)
Operating cash flow (EBITDA)
EBITDA margin
Amortisation and depreciation
Operating income (EBIT)
EBIT margin
Financial results
Results from companies consolidated by equity method
Income before taxes
EBT margin
Taxes
Net income
3Q2014 (*)
3Q2013 (*)
12,709
(5,218)
7,491
11,925
(4,783)
7,141
58.9%
59.9%
(4,659)
(7)
2,825
(4,365)
(1)
2,776
22.2%
23.3%
(664)
2,161
(628)
2,148
17.0%
18.0%
3
17
2,182
(9)
2,140
17.2%
17.9%
(488)
1,694
(464)
1,676
13.3%
14.1%
7
2
1,687
1,674
13.3%
14.0%
0.542
0.537
Minorities
Net income attributable to the controlling company
Net income margin
Earnings per share, Euros (**)
(*) Unaudited data
(**) Shares for EPS calculation 3,114.2 million for 2014 and 3,115.9 million for 2013
Interim Nine Months 2014 Results
5
Grupo Inditex
Consolidated Balance Sheet as of 31 October 2014 (€m)
31 October
2014 (*)
31 October
2013 (*)
CURRENT ASSETS
Cash & cash equivalents
Short term investments
Receivables
Inventories
Other
7,421
3,626
224
948
2,329
294
6,918
3,743
190
884
1,945
156
NON CURRENT ASSETS
Tangible assets
Intangible assets
Financial investments
Other
7,864
5,735
849
184
1,095
6,803
5,109
821
5
868
15,285
13,720
CURRENT LIABILITIES
Payables
Financial debt
Other
4,653
4,596
10
47
4,142
4,072
14
57
NON CURRENT LIABILITIES
Financial debt
Deferred taxes
Other
1,080
3
206
871
966
2
182
782
SHAREHOLDERS' EQUITY
Equity attributable to the Group
Minority interests
9,551
9,517
34
8,612
8,583
29
15,285
13,720
Assets
TOTAL ASSETS
Total Liabilities & Shareholders' Equity
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY
(*) Unaudited data
Interim Nine Months 2014 Results
6
Annex 1
Openings and total stores by format:
Net openings
Concept
Zara
Zara Kids
Pull&Bear
Massimo Dutti
Bershka
Stradivarius
Oysho
Zara Home
Uterqüe
Total
Total Stores
31 October
2014
1,895
31 October
2013
1,808
3Q14
3Q13
68
57
(2)
(10)
162
164
32
30
38
35
12
26
(9)
230
18
19
49
62
18
31
(4)
240
885
695
992
893
561
420
67
6,570
834
649
934
842
542
388
88
6,249
Annex 2
Breakdown of financial results:
Million Euros
Net financial income (losses)
Foreign exchange gains (losses)
Total
Interim Nine Months 2014 Results
7
3Q2014
3Q2013
12
(9)
3
8
(17)
(9)