Inditex sufre en el Ibex con las cifras de beneficios y costes

Inditex experiences struggles in the Ibex with profit and cost figures, as investors react with indifference to the company's published results. The textile giant's shares trigger declines in the Ibex, with analysts warning that sales and cost figures are worse than expected for the new season's growth. Despite record sales and profit in a half-year period, or even faster-than-anticipated sales acceleration, they are not enough to stimulate buying of Inditex shares.

The Spanish clothing company suffers in the stock market due to the release of results that shed both light and shadow. Inditex's shares drop almost 3% from the closing price of 56.52 euros the previous day, with intraday support below 55 euros per share. This erases all the previous year's gains, which were +2% in yesterday's session.

The market's negative reaction to Inditex's figures aligns with what analysts at Renta4 expected once the results were released. Analysts expect a response to the lower share price, as noted by Iván San Félix, an analyst at Renta4, before the market session opened. While sales and profit records for the second quarter of 2026 (ended July 31) disappoint market expectations, Elena Fernández-Trapiella, an analyst at Bankinter, warns that the results include some negative variables.

JPMorgan points out that Inditex's net profit of 1.605 million euros is 5% below market consensus, while Jefferies highlights a 3% shortfall in EBIT at 2.090 million euros. The other variable that draws market attention is the higher-than-anticipated operating expenses, with operating expenses rising by 10% to 3.269 million euros compared to the same period last year.

These figures are growing despite revenue, which is up 9% year-on-year. The trend is not new, with Elena Fernández-Trapiella noting that it represents the second quarter of above-sales growth, a change from Inditex's traditional performance of smaller-than-sales growth. The increase in costs directly impacts a deteriorated EBIT margin, according to Bankinter's analyst, who concludes in her report that negative reactions are expected unless the company explains the reason and possibly its non-recurring nature of the operating cost increase in the post-results conference call.