Interim Three Months 2015

10 June 2015

Interim Three Months 2015

Disclaimer
This document and the information herein does not constitute an offer to sell, to buy or to exchange, nor an invitation to make
an offer to buy, to sell or to exchange, nor a recommendation or advice, regarding any security issued by the Inditex Group.
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 Groups products are manufactured or distributed.
The risks and uncertainties that could affect the forward-looking statements are difficult to predict. 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 Groups business,
financial conditions and results of operations, see the documents and information communicated by the company to the
Comisin Nacional del Mercado de Valores (the Spanish Securities Commission).
The contents of this disclaimer should be taken into account by all persons or entities.

Interim Three Months 2015

Overview

Interim Three Months 2015

Interim Three Months 2015: Overview

Global fully integrated Store & Online sales platform

Satisfactory sales growth

High operational efficiency and cost control

Space growth and online launches on track

Global growth opportunities

Interim Three Months 2015

Zara: Global flagship in London

Zara 61 Oxford Street

Interim Three Months 2015

Zara: Global flagship in Beijing

Zara Xidan Joy City

Interim Three Months 2015

Bershka: New store image

East Nanjing Road

Bershka Torino
Interim Three Months 2015

Massimo Dutti: Personal Tailoring

East Nanjing Road

Interim Three Months 2015

Pull&Bear: Shanghai global flagship

Pull&Bear East Nanjing Road

East Nanjing Road

Interim Three Months 2015

Stradivarius: Mexico flagship

Zara Madero
Interim Three Months 2015

10

Oysho: New headquarters and DC

East Nanjing Road

Interim Three Months 2015

11

Oysho: New image at Barcelona flagship

Oysho Paseo de Gracia

Interim Three Months 2015

12

Zara Home: Milan flagship

Zara Home Piazza San Babila

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13

Zara Home: Japan Online sales

East Nanjing Road

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14

Uterqe: Madrid Airport

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15

Global fully integrated Store & Online sales platform

Interim Three Months 2015

16

Differentiated Business Model

Central inventory position

Distribution to all stores worldwide twice a week

Orders to stores and online customers in 2-48 hours

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17

Global online sales

Central inventory position + Online stockrooms

Russian Fed
Aug 2013

UK
Sep 2012
Boston
Sep 2011

Los Angeles
May 2014

Poland
May 2014

Madrid
Sep 2010

Mexico
Sep 2014

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18

Tokyo
Seoul
Oct 2011
Sep 2014
Shanghai
Sep 2012

Financial Summary

Interim Three Months 2015

19

Interim Three Months 2015

million

1Q15

1Q14

15/14

Net Sales

4,374

3,748

17%

Gross profit

2,597

2,208

18%

EBITDA

895

732

22%

EBIT

664

530

25%

Net income

521

406

28%

Strong operating performance

Interim Three Months 2015

20

Sales

million

1Q15

1Q14

15/14

Sales

4,374

3,748

17%

Strong sales growth

Currency translation

Interim Three Months 2015

21

Gross Profit

million

1Q15

1Q14

15/14

Gross Profit

2,597

2,208

18%

59.4%

Gross profit growth of 18% to 2.6 bn

Sustained commercial policies

Mix effect due to currency in some markets

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22

Tight control of operating expenses

million

1Q15

1Q14

15/14

Op. expenses

1,701

1,474

15%

Interim Three Months 2015

23

Flexible Business Model

million

1Q15

1Q14

Inventory

2,019

1,807

864

906

Payables

(4,403)

(3,907)

Operating working capital

(1,520)

(1,194)

Receivables

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24

Concepts

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25

Performance per concept

% Store & Online Sales

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26

Performance per concept

Uterque
Oysho

Group average

Massimo
Dutti

Interim Three Months 2015

Bershka

Pull&Bear

27

Zara
Home

Stradivarius

Outlook

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28

1H2015: Outlook

Space growth on track

Ordinary capital expenditure c. 1.35 billion

Store & Online sales in local currencies have increased

+13.5% from 1 February to 7 June 2015

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Global Growth Opportunities

Global fully integrated Store & Online sales platform

Strong growth opportunities

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30

Global Online Sales

Europe, US, China, Japan, Russia, Mexico, S. Korea and Canada

2015: Taiwan, Hong Kong and Macau

Progressive rollout in all markets

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31

Openings: Amsterdam

Zara Neiuwendijk
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32

Openings: Brussels
Zara Toison dOr

Interim Three Months 2015

33

Openings: Hamburg

Zara Mnckebergstrae
Interim Three Months 2015

34

Openings: Copenhagen

Zara Vimmelskaftet
Interim Three Months 2015

35

Openings: Vladivostock

Zara GUM
Interim Three Months 2015

36

Openings: Tokyo
Zara Ikebukuro

Interim Three Months 2015

37

Openings: Bangkok

Zara Em Quartier
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38

Openings: Urumqui

Zara Maison Mode Youhao

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39

Interim Three Months 2015

10 June2015

Interim Three Months 2015

40