Spain’s largest retailer, Inditex, closed out the third quarter of 2025 with record financial results while continuing to accelerate the downsizing of its retail network. Over the past three months, the company shut down 56 stores, furthering the optimization strategy actively pursued by Marta Ortega. Despite the reduction in sales points, Inditex’s financial performance continues to improve, underscoring the effectiveness of its chosen strategy.
Since the start of the fiscal year in February, Inditex’s net profit has reached €4.622 billion—an increase of 3.9% compared to the same period last year. Total sales over the nine months amounted to €28.171 billion, up 2.7% from the previous year. At constant exchange rates, sales growth was 6.2%. The third quarter saw a particularly notable surge: sales rose 4.9% to €9.814 billion, and with currency fluctuations taken into account, the increase was 8.4%.
Financial Performance
The company notes that operational resilience remains a key factor in its success. By the end of October, Inditex had a net financial position of €11.268 billion, reflecting a strong ability to generate cash. Gross profit for the reporting period grew by 3.2% to €16.811 billion, amounting to 59.7% of sales. In the third quarter, this figure rose to 62.2%, up 0.79 percentage points from a year earlier.
Operating expenses rose by 2.4%, but their growth rate was lower than sales growth, which led to an overall increase in profitability. EBITDA reached 8.303 billion euros, up 4.2% from the previous year. Operating profit (EBIT) increased by 4.8% to 5.943 billion euros. Profit before tax rose by 3.6% to 5.964 billion euros, and net profit amounted to 4.622 billion euros.
Sales and dividends
The retail segment, both offline and online, continues to show steady positive momentum. New fall-winter collections were well received by customers. From November 1 to December 1, 2025, sales in both channels, adjusted for currency fluctuations, grew by 10.6% compared to the same period last year. In November, the growth rate reached 9%.
Dividend payments to shareholders remained unchanged: for 2024, a dividend of 0.84 euros per share was paid out on November 3, 2025. This decision highlights the company’s stable financial policy even amid major changes in its business structure.
Optimization and protests
In parallel with its financial success, Inditex continues to reduce the number of physical stores, focusing on efficiency and digitalization. Over three months, the store network shrank by 56 locations, as part of a long-term optimization strategy. The company is prioritizing the growth of online sales and the modernization of its remaining stores.
However, not all employees share management’s optimism. During the peak of the Black Friday campaign, Inditex workers in Madrid, Barcelona, and other European cities held protests. They are demanding a fairer distribution of profits and an additional bonus for their contribution to the company’s success. The unions CCOO and UGT insist on recognition of employees’ achievements, but so far the Inditex management has not made any concessions.
