Spanish textile groups Tendam and Inditex report strong financial results

The Spanish textile sector is reporting significant financial activity. Tendam, the parent company of brands including Cortefiel, Springfield, and Women’secret, achieved a record net profit of 59.3 million euros between March and August. This represents a 27.9% increase compared to the same period last year. The group's revenue rose 10.7% to 744.9 million euros, driven largely by a 20.7% surge in online sales.

Tendam also expanded its physical presence by 5%, adding 60 net stores, with major growth in Mexico, Portugal, and Spain. Women’secret led this expansion with 16 new locations. Additionally, the company's loyalty programs have reached over 27 million members.

Meanwhile, Inditex, the owner of Zara, reported solid second-quarter results with sales increasing 9.1% between May and July. Net profit grew by 8% to 1.605 billion euros. Despite these gains, earnings and net results fell slightly below forecasts due to rising costs, leading to recent stock price volatility and a period of lateral trading.