INTERIM HALF YEAR 2026
INDITEX
INTERIM HALF YEAR 2026
CONFERENCE CALL SCRIPT
9 SEPTEMBER 2026
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INTERIM HALF YEAR 2026
INDITEX PARTICIPANTS
Óscar García Maceiras - CEO
Andrés Sánchez - CFO
Gorka García-Tapia – Director of Investor Relations
Conference Call Participants
Sreedhar Mahamkali - UBS – Analyst
Richard Chamberlain – RBC– Analyst
Georgina Johanan – JP Morgan – Analyst
Matthew Clements - Barclays – Analyst
Anne Critchlow – Berenberg – Analyst
Warwick Okines – Exane BNP Paribas – Analyst
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Introduction: James O'Shaughnessy
Buenos días a todos and good morning. Welcome to everyone
taking part in our half year 2026 results presentation today. My
name is James O'Shaughnessy, Investor Relations.
This presentation will be hosted by Inditex's Chief Executive Óscar
García Maceiras, our CFO Andrés Sánchez, and the Director of
Investor Relations, Gorka García-Tapia.
As per usual, after the presentation, we will commence a Q&A
session starting with the questions received over the phone,
followed by those questions received on the webcast platform.
Slide 2:
We'll take the disclaimer as read.
Slide 3: CEO
Óscar, please.
Slide 4: 1H 2026
Good morning and welcome to our first half twenty twenty-six
(2026) results presentation. Thank you for joining us today.
Slide 5: Solid Operating Performance
I am pleased to announce that during this last semester we have
generated a solid financial and operating performance, with strong
sales all the while maintaining a strong level of profitability.
The strength and resilience of our unique business model was
evident and despite a period with geopolitical uncertainty, our
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teams came together to deliver broad-based performance across
geographies, concepts and channels.
Our Spring/Summer collections have been very well received by
customers.
Sales grew seven point six (7.6%) percent. Sales in constant
currency increased by nine point two (9.2%) percent.
It's evident that the execution of the business model over the first
half period has been very good despite some of the headwinds we
highlighted in the first quarter. This has flowed through to the
bottom line with net income increasing six point eight (6.8%)
percent to three (3) billion euros.
This strong performance has spilled into the second half as you
can see from the trading update we have provided you. Store and
online sales in constant currency between the first of August (1st)
and the seventh of September (7th) grew nine (9%) percent.
Slide 6: Inditex Today
Today, I would like to refer to the framework we use to think about
what makes Inditex distinctive and the opportunities that our
model continues to create.
At the heart of our model is product, and behind the product are
our people and their ability to offer our customers what they are
looking for. We identify trends through our Feedback Loop,
channeling crucial data to our commercial teams. Amongst these
teams, today we boast more than seven hundred (700) fashion
designers whose aim it is to generate products that adhere to the
very latest fashion trends.
To give you an idea of the scale of the business, we operate a
global platform across eight (8) concepts with stores in ninety
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eight (98) different markets all around the world, ninety nine (99)
from tomorrow with our first opening in Curaçao, as well as two
hundred and fifteen (215) markets online.
These channels are fully integrated and mutually reinforcing. For
example, around sixty (60) percent of online returns are made
through our stores and around twenty (20) percent of online orders
are collected in store too. This integration is not only about
convenience, it gives our teams a more complete view of demand
and inventory, and helps us provide a consistent customer
experience across channels.
Of course, none of this would be possible without a broad and
flexible global supply chain. The ability to diversify production
across more than fifty (50) markets has never been more relevant
in recent times.
A further distinctive capability is what we call Operational
Proximity. By this, we mean the way we work with our supplier
network, focusing on agility, flexibility and responsiveness, and
integrating these long-term relationships into our operating model,
rather than simply where production is located. The partnership
Inditex has with its suppliers extends more than eight (8) years in
over seventy (70) percent of production, making Inditex's
relationship with suppliers quite unique.
This way of working is underpinned by our logistics and inventory
network. It is supported by multimodal transport and our sixteen
(16) primary logistics centres which operate as part of a single
inventory position. This allows us to allocate product efficiently
across different markets, to support product availability and to
maximise full-price sales whether in stores or online.
Of great relevance over the years, has been the financial strength
enjoyed by Inditex, particularly during volatile times. Indeed, the
net cash position of over ten (10) billion euros on the balance
sheet underwrites the financial stability of the business and
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secures the future investment pipeline needed to generate strong
future growth across the cycle.
Over the last decade we have reinvested, on average, anywhere
around five (5) or six (6) percent of sales in the business while
maintaining strong financial discipline and attractive total
shareholder returns.
People often talk about the different elements that come together
to produce the competitive advantage enjoyed by Inditex, but
there is one aspect that tends to be overlooked by the wider
market; our strong corporate culture. Our unique DNA fosters a
drive to always do better in the face of a constantly changing
environment and to always search for new ways to do things.
Ambition and innovation are at the centre of everything we do.
The many factors that I mentioned just now, in combination, make
Inditex the Company that we see today. Taken as a whole, this is a
very powerful combination making the model distinctive, resilient
and difficult to replicate.
Slide 7: Long-term Growth Potential
All this enables multiple avenues for long-term growth.
Despite the very respectable and consistent rates of growth we
have achieved over the years both in terms of sales and our
presence in ever more markets, at a global level, we command a
mere two percent (2) market share, offering plenty of space for
growth well off into the future. Let's not forget that this market
share is across all eight (8) concepts at Inditex.
While Zara remains very much an engine for growth for the overall
business, we have seen a remarkable level of growth coming from
the younger concepts in recent years. Despite currently having, at
group level, a physical store presence in a total of ninety eight (98)
markets, the non-Zara concepts have limited commercial
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presence in 59 markets, in which at least one non Zara concept
has less than fifty (50) million euros in annual sales. That should
give you an idea of where we see things going.
The common thread through all these years of growth, as many of
you will be familiar with, is our overall strategy of Retail
Optimisation. This strategy aims to continually enhance the
customer experience at every level. Over the last three years we
have delivered five (5%) percent compound annual growth in
gross space.
Once again, as I mentioned earlier, the physical store experience
and the online experience go very much hand in hand, which
explains how on average our online sales since 2019 have grown
by more than eighteen percent (18%) per year.
Our confidence in the future springs not only from what we see as
our unique business model, but also comes from the ability of our
teams to constantly innovate and challenge the status quo. This
ability to see things differently is best illustrated in recent customer
experience projects both in store and online such as Zara Man
Standalone stores, our Footwear Showrooms in Zara and
Massimo Dutti, Bershka Members, Oysho community or the
launch of Zara Try-on, amongst many others. All this drives the
very significant long-term growth opportunities we see today.
And now, I'll pass you over to Andrés who will go over numbers.
Slide 8: CFO
Slide 9: Financial Summary
Thanks Óscar.
Slide 10: Solid Operating Performance
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As you can see from the table in front of you, Inditex's results in
the first half of 2026 have been solid. The strong execution is clear
when we look at the P&L.
The sales performance demonstrates that despite the disruptions
we've seen in headlines since the end of February, our teams
have been successfully reacting to the fashion trends. This has
resulted in a very respectable gross margin performance with
EBITDA growing strongly, whilst maintaining a broadly stable
margin, flowing nicely down into PBT and the net income line.
Slide 11: Sales
At the top line, we can see that sales grew 7.6%, to reach 19.8
billion euros. In constant currency, that translates to 9.2%.
This strong performance was very much across concepts, store
and online channels.
At current exchange rates, we continue to expect a -1% top line
currency impact for the full year 2026.
Slide 12: Global Store & Online sales breakdown
We are now up to 215 markets in terms of our global online
presence. Given the ongoing fragmented nature of the market as
a whole and our low market share, we can confidently say that our
strong long-term growth opportunities remain in place.
One factor that I think is worth bringing out at this point is the level
of global geographical diversification. This of course helps drive
stability at a group level, particularly during times of regional
uncertainty.
In constant currency, all geographical areas had a positive sales
evolution.
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Slide 13: Gross profit
In the first half of 2026, gross profit increased 8.3% to reach 11.6
billion euros. The gross margin reached 58.7%. This gross margin
serves as a demonstration of the good execution of the business
model over the period. Our teams have done really well.
All this despite the headwind of elevated transport and input costs
we highlighted back in the first quarter resulting from disruptions in
the Middle East.
Based on available data currently, for the full year 2026, we
continue to expect a stable gross margin of +/-50 basis points.
Slide 14: Operating expenses
Operating expenses increased 8.3% in the first six months of
2026.
The mild deleverage we are seeing was also driven by the
increased costs just mentioned in the gross margin slide, as
flagged back in June.
Despite this impact, both EBITDA and EBIT margins remained
broadly stable over the first half.
Slide 15: Profitability
So, now going down the P&L, we naturally come to EBITDA which
in this case increased 7.8% to 5.5 billion euros, of course, very
much consistent with the healthy performance of the top line.
This flowed down into profit before tax which grew 6.8% to 3.8
billion euros with a PBT margin of 19.5%. Net income grew 6.8%
to 3.0 billion euros. This all points to another season of strong
commercial execution.
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Slide 16: Working capital
Operating working capital remains negative as a result of the
business model. The evolution of operating working capital is very
much in alignment with the performance of the business over the
period.
Inditex’s inventory as of the 31st of July was 9% higher in line with
the sales evolution. It is important to note the high quality of
closing inventory at the end of the period.
Slide 17: Cash Flow
As you can see from this slide, we continue to generate very
strong levels of cash flow. Funds from operations increased 11%
to 4.1 billion euros.
Capital expenditure reached 1.3 billion euros, reflecting
investments in 2026 aimed at underpinning future growth.
We continue to expect ordinary capital expenditure for 2026 to be
around 2.3 billion euros.
In addition, close to 200 million euros of extraordinary capex will
be invested in upgrading and enhancing our corporate facilities
across the company, further strengthening Inditex’s position as an
employer of choice.
I'll pass it over to Gorka now.
Slide 18: Director of Investor Relations
Slide 19: Concepts
Thanks Andrés.
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Slide 20: Net sales by concept
Good morning once again to everyone. The numbers we've
released to the market this morning point to a continuation of the
strong performance we all saw back in June with the Q1's. It's
pleasing to see that execution has remained consistent
throughout, despite wider market volatility, be it geopolitical or
otherwise. The performance of our teams here at Inditex has been
excellent.
With the global rollout of the optimisation programme very much
still in place, it's worth highlighting some of the younger concepts.
We can confidently say that three of the younger concepts at the
half year mark have generated sales well in excess of a billion
euros, so, sizable companies in their own right.
If we take a look at Bershka for example, its compound annual
growth rate in sales over 4 years from 2022 to the first half 2026
has been 12%. For the likes of Stradivarius that rate is 15%. So
we're seeing very healthy and sustainable levels of sales growth
across the board.
On the theme of diversification at Inditex, as well as growth, we
have seen retail optimisation activities in 51 different markets all
around the world. Each one of the concepts is clearly pushing
ahead with their growth plans as you can see from the number of
new markets they've been opening in recent years, and there's
certainly more to come on that front.
With that, I'll pass you back to Óscar.
Slide 21: CEO
Thank you Gorka.
Slide 22-23: Our fashion proposition
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Our fashion proposition shows our strong commitment to creativity
thanks to our talented teams that focus every day on innovation
and the adaptation to what our customers are looking for.
Zara today occupies a more relevant place than ever in the world
of fashion, with a global cultural impact, having the opportunity to
launch important collaborations with prominent artists in the space
of fashion and music.
Slide 24 (Los Cabos)
Regarding our stores, Zara has launched in new locations for
example in Mexico Los Cabos. Additionally, we have made
important enlargements, refurbishments and relocations in some
of our most emblematic stores such as London Bond Street, Seoul
Gangnam and Belgium Ostend.
Slide 25 (Bond Street)
As our core engine, Zara’s widespread presence serves as a
powerful launchpad for our younger concepts to scale rapidly
worldwide.
To give you some examples, last month, August, Bershka opened
its first store in the US, in Aventura Miami.
Slide 26 (Seoul)
This is one of two planned openings for the concept in the Miami
area in the immediate future. Also in August, Bershka launched its
second store in Brazil, Rio Barra, after the opening in Morumbi,
Sao Paulo in March.
Slide 27 (Belgium)
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Stradivarius, another of the younger concepts which have
been doing particularly well, has recently launched its first
store in Munich, Riem Arcaden.
Slide 28 (Bershka)
Massimo Dutti has also opened its first street level store in
Korea in Seoul Hannam, bringing together fashion,
architecture and local culture within a restored building.
Slide 29 (MD)
Finally, in August we opened our first Lefties store in the UK
in Liverpool One, continuing our expansion into new markets
after successfully launching our first store in France, Valvert,
back in May.
Slide 30: Improving the store technology ecosystem
The new soft-tag technology has now been implemented in all
of our stores. This programme adds to the existing in-store
technology ecosystem with Click & Collect silos, assisted
checkouts and drop-off points and sorters.
As you can see in the video, one of the technologies we are
rolling out across our stores is sorters. These automated
sorting systems help to improve the experience for both our
customers and our team members, connecting stockrooms,
fitting areas and commercial space.
We are using all this technology as a springboard for the
further integration of the online platforms with our increasingly
digitalised stores for the years to come.
Slide 31: Online
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Our online platforms continue implementing improvements in
order to offer a unique experience to our customers.
Personalisation and the development of communities are two
of the priority focus areas.
Slide 32: Sustainability
In the half year Inditex has actively engaged in a number of
initiatives on the sustainability front, that include new
agreements that strengthen our partnerships with
Conservation International and UNHCR (United Nations High
Commissioner for Refugees) supporting projects for the
protection and restoration of the Amazon forest and for
improving the conditions of Rohingya refugees in the camps
of Cox´s Bazaar.
Additionally, we have been supporting Red Cross in the
recent earthquakes in Venezuela and Colombia.
Slide 33: Outlook 2026
And now over to the Outlook for this year. Inditex's potential
for long-term growth is clearly still very much in place. We
continue investing with the aim of enhancing our competitive
differentiation while making sure we are in a position to take
advantage of the extensive growth opportunities ahead.
The growth of annual gross space in twenty twenty-six (2026)
is expected to be around five percent (5%). We also expect
net space contribution to continue to be positive, along with
ongoing strong online growth.
For twenty twenty-six (2026), we estimate ordinary capital
expenditure of approximately two point three billion euros
(€2.3 billion). We continue to focus the ordinary capital
expenditure on our global store base, the online platform, and 14
the roll out of technology programs that will enhance the level
INTERIM HALF YEAR 2026
of integration.
Slide 34: Dividend
A brief reminder on the dividend. The final dividend payment
for twenty twenty-five (2025) of zero point eight seven five
euros (€0.875) per share will be made on the second of
November twenty twenty-six (2 November 2026).
Slide 35: A strong start to 2H2026
I'm going to end now with a comment on our current
performance. Autumn/Winter collections are being very well
received by our customers.
Store and online sales in constant currency increased nine
percent (9%) between the first (1st) of August and the seventh
(7th) of September twenty twenty-six (2026) versus the same
period of twenty twenty-five (2025).
Slide 36: 1H2026 Results
Many thanks for attending this results presentation today.
That concludes our presentation. We are happy to answer
any questions you might have.
Slide 37: 1H2026 Results
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Q&A: James O’Shaughnessy – Operator
The telephone Q&A session starts now. If you would like to ask
a question, please press Star 5 on your telephone keypad. If
you wish to withdraw your question, please press Star 5 again.
We request that you limit yourself to only one question per turn
so we can maximize the number of participants in the session.
If you have further queries, you may press Star 5 again after the
next person's question has been addressed. Please ensure
your phone is not on mute.
The first question comes from Sreedhar Mahamkali of UBS. Go
ahead, Sreedhar.
Sreedhar Mahamkali – UBS – Analyst
Hi, and good morning, team. Thanks for taking the question. I
guess the key one we're battling a bit with, is OpEx growth
faster than sales, as you mentioned in the release. It would be
great to hear your thoughts. Talk a little bit more about what's
changing in the model. And, is this a trend we should expect for
the second half of the year as well? Thank you.
Andrés Sánchez - Inditex
Sreedhar, thank you for your question. As we mentioned during
the call, the main driver of our performance continues to be the
ability to spot trends, offering our customers what, when, and
where they are looking for, maximising our full-price sales. As
you mentioned, in Q1, disruptions in the Middle East resulted in
higher transport costs and input costs during the first half of the
year. And as you saw, the transport component that affected
both gross margin and Opex line.
In Opex, just to be more precise, we have costs related to
online fulfillment and distribution to franchisees, while in gross 16
margin we have the larger component of transport costs.
INTERIM HALF YEAR 2026
I'd like to take the opportunity also to highlight a few key points
when thinking about the gross margin for this year. Considering
the current situation, and that there is a timing lag between the
transportation and the input on cost-of-goods sold, we expect
this to impact gross margin in H2 as well.
The U.S. dollar was a slight tailwind in H1, as we commented.
But this impact, while with current available data, is neutral in
H2. In any case, the current environment is included within our
gross margin guidance of plus/minus 50 basis points for the full
year.
And a final remark regarding Opex. I'd like to comment that we
are very pleased with the execution of the business model. In
this sense, let me point out that the underlying business
expenses were tightly controlled. And as always, we continue to
be focused on the long-term profitable growth of the group with
a focus on broadly stable operating margins. Thank you,
Sreedhar.
James O’Shaughnessy – Operator
The next question comes from Richard Chamberlain from RBC.
Go ahead, Richard.
Richard Chamberlain – RBC – Analyst
Thanks, James. Good morning, everybody. I've just got a
question on space impact on sales, please. Impact on sales
from new space. How has that been trending through the first
half and what are your expectations on space contribution to
sales for the second half and into next year, please? Thanks.
Gorka García-Tapia – Inditex
Great. Thanks, Richard. I think with regards to space, a couple
points I can highlight. The first is, you know we have provided 17
three-year guidance of gross space growth, which ends in
INTERIM HALF YEAR 2026
2026. So with regards to the second part of your question,
going forward you'll have to wait until March for us to mention
something with regards to that.
And with regards to space contribution, you have to consider
that we're still very much on target for the 5% growth space.
We'll have to see how that converts, but I don't think you should
expect anything different to what you've been seeing in recent
years. Thank you.
James O’Shaughnessy – Operator
The next question comes from Georgina Johanan from
JPMorgan. Go ahead, Georgina.
Georgina Johanan – JP Morgan – Analyst
Hi. Thanks for taking my question. I wondered if you could
update sales performance in the Middle East, please, and just
come colour on what you're seeing there, given the backdrop.
Thank you.
Gorka García-Tapia – Inditex
Absolutely, Georgina. Thank you. I think the first point I'd
mention is we have around 480 stores in the Middle East, and
they're operating under a franchise model, as all of you know.
And today, all of these stores are currently open. The
geopolitical conditions are having an impact in sales in the
Middle East region, although we have seen an improvement
since first quarter in that regard.
I think it's important to mention that this is a very diverse region
with different countries having different impacts. And as you've
seen in the presentation, in any case, we've presented positive
growth in constant currency in all regions. Thank you.
James O’Shaughnessy – Operator
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The next question comes from Matthew Clements from
Barclays. Go ahead, Matthew.
Matthew Clements – Barclays – Analyst
Hi, good morning. Thanks for taking my question. Significant
investment into the new campus. How can you provide
confidence to investors that it's an efficient use of capital? And
can you provide confidence as well that investment costs for
that program won't run into 2027? Thank you.
Óscar García Maceiras – Inditex
Thanks for the question, Matthew. Well, for fiscal year 2026, as
we mentioned during the call, we expect ordinary Capex to be
around €2.3 billion. And as previously mentioned, this
investment will be mainly focused on our commercial presence,
technological integration, and the efficiency of our processes.
Capital allocation remains, for sure, focused on generating
attractive returns over the long term through projects that
enhance the business model and customer experience. And to
your point, as Andrés mentioned, close to €200 million of
extraordinary Capex, will be invested in upgrading and
enhancing our corporate facilities across the company, further
strengthening Inditex's position as employer of choice.
An important part of this new extraordinary Capex mentioned is
related to our new campus in Barcelona, for Bershka, Oysho,
Massimo Dutti, and Lefties. We are excited for our teams and,
as always, we will keep on investing in the future. Thank you.
James O’Shaughnessy – Operator
The next question comes from Anne Critchlow from Berenberg.
Go ahead, Anne.
Anne Critchlow – Berenberg – Analyst
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Thank you. Good morning. Thanks for taking my question. I just
wonder if you could talk about any future market launches you
have planned for Lefties, please. And also, does Lefties operate
on a lower gross or EBIT margin than, let’s say, Zara? Thank
you.
Gorka García-Tapia – Inditex
Great. Thank you for the question. I think I'm aware that many
of you have gone to the new store opening in Liverpool for
Lefties, and I'm sure that you've all seen Lefties’ product
proposition, and especially the store technology that we have
out there. Lefties Liverpool store has, for example, all the
technology that's being rolled out inside, including the sorters
that you had a chance to see a video during today's
presentation, the self-checkouts, et cetera.
I think Lefties is just one of our younger concepts of whom, as
we've described today, all have very strong growth
opportunities. I think we've mentioned in previous calls, in 2025,
Lefties launched in Italy. In 2026, Lefties entered France, and
we are planning two new openings in the UK in Lakeside, in
London; and in Newcastle. I'd also just point out that Lefties
runs the same fully-integrated business model that the rest of
the concepts at the group follow. Thank you.
James O’Shaughnessy – Operator
Thank you. The next question comes from Warwick Okines
from BNP. Go ahead, Warwick.
Warwick Okines – BNP – Analyst
Thanks. Good morning, everyone. A question on P&L in Q2.
Did you receive tariff refunds in the quarter and were franchise
sales growth trends still lagging other sales growth like they 20
were in Q1? Thank you.
INTERIM HALF YEAR 2026
Andrés Sánchez - Inditex
Thank you, Warwick. I will try to answer your first question
regarding tariffs, then I will pass the floor to Gorka to complete
the question.
As we mentioned back in 2025, at the height of the tariff
discussion, we mentioned we have a limited impact at the group
level from the higher tariffs in the U.S. thanks to our high-level
of geographical diversification in terms of sourcing, which, as
you know, allows us to buy in almost 50 different origins,
making us flexible and adaptable, and of course, taking also
into account our long experience dealing with different tariff
regimes. In that sense, any potential impact from tariff refunds
will be limited for the group. And Gorka, if you can complete
this.
Gorka García-Tapia – Inditex
Sure. So, I think with regards to your question about the Middle
East sales, I briefly touched on it previously, I think the sales in
the region are still impacted, albeit it's somewhat of an
improvement compared to what we were seeing in the first
quarter, but as you can understand, the situation is quite
sensitive in terms of what's going on in the market, and so we'll
just have to see how that evolves going forward.
James O’Shaughnessy – Operator
That completes the Q&A session. Let's move on to the webcast
session. We've got a number of questions here, first of which is:
“Óscar, can you comment on how the group has managed the
business operationally despite impacts from the Middle East
conflict, please?”
Óscar García Maceiras - Inditex
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Well, I guess as we mentioned, our view during the
presentation, the excellent first-half sales and margin
performance were mainly driven by the effective execution of
our fully-integrated business model, and the strong ability of our
teams to respond quickly to customer demand. The priority of
the group throughout has been to ensure an uninterrupted
product flow to our customers globally to maximize full-price
sales. And thanks to our ability to rapidly adapt transportation
methods and sourcing flows and our operational proximity, we
have successfully navigated the current environment driven by
the conflict in the Middle East. The diversification of the
sourcing model and the flexibility of our supply chain continue to
be very important strengths for the group, and as you know, our
business model relies on a central inventory position, which
uses different transport modes.
James O’Shaughnessy – Operator
Thank you, Oscar. The next question is: “Can you give us some
colour, please, on the strong August trading update?”
Óscar García Maceiras - Inditex
We are very pleased with the strong evolution of sales at the
start of the third quarter, which continues to reflect the good
reception of the autumn-winter collections and strong
distribution of the model across all channels and markets. The
growth of plus 9% continues the trend of the first half, where
constant currency growth was plus 9.2%. But as we always say,
we believe it's important to put short trading periods into
context. This is only five weeks at the beginning of the fashion
season. We should bear in mind that, despite good results in
online and physical store, we still have a low market share in
most of our markets and we keep on believing that growth is in
our hands, not dependent on the performance of the broader 22
market.
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James O’Shaughnessy – Operator
Thank you. “Given the Bershka and Massimo Dutti have now
entered the United States, what are your growth plans in the
U.S., please?”
Óscar García Maceiras - Inditex
Well, we keep on developing our strategy of selective growth in
the U.S. Like in the rest of the markets, project-by-project. And
Zara has been very active across new openings, enlargements,
and refurbishments in the past few years in the United States.
Earlier for instance this year, we enlarged our stores in Miami
Brickell and Dyson Corner, Virginia. And later this year, our
flagship store in Fifth Avenue will reopen after a total
refurbishment.
We continue to plan new openings for the next years in new
cities, leveraging the knowledge that we are gaining from our
online performance. But as you mentioned, 2026 has also been
an important year for the younger concepts. Bershka's first
store in Miami Aventura opened in August; and Massimo Dutti
will open its second store in Soho, New York, next October.
We are evaluating new additional opportunities, not only for the
brands that are currently present in the States, but also for the
other concepts of the group. Thank you.
James O’Shaughnessy – Operator
That concludes the webcast questions for today. Thank you.
Óscar García Maceiras - Inditex
Thank you, everyone, for taking part in the presentation this
morning. For those with additional questions, please get in
touch with our Investor Relations Department, and we will
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welcome you back in December for the Nine-Months 2026
Results.
