The CEO of Inditex, Óscar García Maceiras, has highlighted the “acceleration” of store and online sales at the beginning of the third quarter, the “solid performance” of the group, with “satisfactory” sales in “a complex environment” and the “significant” growth opportunities.
Inditex
“It is obvious that we are seeing a positive evolution throughout the year. We remain confident about the year ahead and, as always, we are focused on increasing the differentiation of the business model,” said the CEO of Inditex at a conference with analysts to present its results.
García Maceiras highlighted the “strong” start to the second half of this year and noted that the autumn/winter collections have been “very well received” by its customers. Thus, store and online sales at constant exchange rates between August 1 and September 7, 2025, have grown by 9% compared to the same period in 2024, reflecting, he said, an “acceleration” in sales.
Inditex recorded a net profit of 2,791 million euros during the first half of its fiscal year 2025–2026 (between February 1 and July 31), an increase of 0.8% compared to a year earlier, as reported Wednesday by the group, which again achieved new records with its results, although with more moderate growth.
Sales, meanwhile, grew by 1.6% compared to the first half of 2024, reaching € 18.357 billion, with a satisfactory evolution in both stores and online channels. Sales at constant exchange rates grew by 5.1%.
“We have achieved a solid performance in the first half of fiscal 2025, with satisfactory sales in a complex market environment and maintaining solid levels of profitability. The efficient execution of our teams demonstrates the strength of Inditex’s business model,” García Maceiras stressed.
“This business model continues to be driven by our unique fashion proposition and an increasingly optimized customer experience, our focus on sustainability and quality, and the commitment of our teams. These factors continue to enhance our competitive differentiation,” he added.
García Maceiras insisted that the group’s results highlight that the execution of the business model has also been “solid,” which is reflected in the “good performance” of the gross margin and “disciplined” cost control.
“Our diversified presence in 214 markets, coupled with relatively low penetration in most of them, reinforces our conviction that we have significant global growth opportunities ahead of us. This confidence is because we have a unique model,” he emphasized.
With a view to Inditex’s long-term growth potential, the company has planned investments in the current year that will expand its capabilities, generate efficiencies, and increase its competitive differentiation.
The company has stated that store optimization remains on track and expects this to drive further productivity improvements. It also anticipates annual gross space growth in the 2025–2026 period to be around 5%, accompanied by positive net space and “strong” online sales.
At current exchange rates, it anticipates a currency impact of approximately 4% negative on sales in 2025. In 2025, Inditex expects a stable gross margin (+/-50 basis points).
United States and United Kingdom, “very relevant” markets
“We continue to see good additional opportunities to expand our presence in new markets,” said Inditex’s CEO, who highlighted, among others, that the United States and the United Kingdom are “very relevant” markets for the group.
Regarding the United States, the company continues to see opportunities to execute its “selective growth” strategy, with initiatives that are “very relevant” for next year, including remodeling emblematic stores, such as the one on Fifth Avenue in New York, as well as new openings.
“We continue to explore new opportunities in the market for our different formats,” said García Maceiras, who also assured that the group will continue to be “very active” in the United Kingdom, where he sees “very good opportunities” to continue growing both with Zara and the other concepts in different locations.
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Birks announced on Friday a 16.2% uptick in half-year sales to $93.1 million, on the back of the Canadian jeweller’s acquisition of European Boutique, and a strong retail performance.
Birks
The Montreal-based company also logged an increase in third-party branded timepieces across multiple brands for the 26 weeks ending September 27, in addition to gains in sales of Birks branded jewelry and third-party branded jewelry.
Meanwhile, comparable store sales rose 6.3%, attributable to strong sales in all product categories, particularly in third-party branded timepieces, but also in Birks branded jewelry and third-party branded jewelry, the company added.
In light of the strong sales performance, Birks narrowed its earnings loss during the six months to an operating loss of $0.2 million, compared to a reported operating loss of $0.3 million in the prior-year period.
“Our net sales, gross profit and comparable store sales for the first half of Fiscal 2026 are higher than the corresponding period in Fiscal 2025 due in part to the acquisition of the European business but also due to our strong retail performance, which speaks to the strength of our product offerings, both in terms of our Birks branded products and our third-party branded watches and jewelry,” said Niccolò Rossi di Montelera, executive chairman of the board and interim CEO.
“I would like to thank our teams for their dedication and hard work. The growth achieved in the first half of Fiscal 2026 is a testament of our commitment to our customers and I am grateful for the unwavering efforts of all our employees which contributed to these results and the successful integration of the European stores.”
In July, Birks acquired the luxury watch and jewellery business of European Boutique from its founders, the Sutkiewicz family, for a purchase price of $9 million.
NYC-based footwear brand Koio is relaunching The Primo, the high-top sneaker that debuted the brand in 2015, in a limited-edition collaboration with leatherworker and YouTube creator Rose Anvil for its tenth anniversary.
Koio relaunches the Primo with Rose Anvil. – Koio
The updated Primo maintains Koio’s original Italian build standards, with internal upgrades including a full leather Strobel board, leather toe cap and counter, and a gum outsole. The upper is crafted from vegetable-tanned, untreated Vachetta calf leather sourced from Italian tannery Conceria Annarita, allowing the sneaker to naturally darken and develop a unique patina with wear.
“Reintroducing the Primo for our ten-year anniversary is incredibly meaningful,” said Johannes Quodt, co-founder of Koio. “It was the shoe that launched the brand, so bringing it back with Rose Anvil’s technical rigor felt like the right way to honor its legacy. The Vachetta leather will age beautifully, making this one of the most personal and character-rich versions we’ve ever created.”
The Primo first debuted in February 2015 at Koio’s Bowery pop-up, created by the founders as their ideal high-top sneaker. The silhouette remained a core style for five years before the brand shifted focus as its range expanded. Koio continued to receive requests from collectors and longtime customers to bring back the original design, prompting the reissue as part of the brand’s tenth-anniversary celebrations.
“The Primo was already a well-built sneaker, but replacing every internal synthetic component with leather significantly elevates the craftsmanship,” said Weston Kay, Rose Anvil. “Using untreated Vachetta leather means the shoe doesn’t just look good out of the box but it continues to improve over time.”
Koio’s work with Rose Anvil follows the success of their first collaboration—the Koio x Rose Anvil Capri Triple White—which sold out in less than 24 hours.
The limited-edition Primo is priced at $325 and is now available exclusively online.
Victoria’s Secret & Co. on Friday reported better-than-expected sales in the third quarter, prompting the U.S. lingerie giant to raise its full year outlook.
Victoria’s Secret raises full-year outlook on strong Q3. – Victoria’s Secret
The Ohio-based company said sales for the three months ending November 1 totalled $1.472 billion, up 9% from the third quarter of 2024 and above its previously communicated guidance range of $1.390 billion to $1.420 billion. Meanwhile, total comparable sales for the third quarter of 2025 increased 8%.
Victoria’s Secret recouped its earnings, reporting a net loss of $37 million, or $0.46 per diluted share, compared to net loss of $56 million, or $0.71 per diluted share, for the third quarter of 2024.
“With two iconic brands, Victoria’s Secret and Pink, a curated product assortment, high-emotion marketing and a relentless customer focus, we are reinforcing our leadership in global intimates and beauty,” said Victoria’s Secret & Co. CEO, Hillary Super.
“As we continue to advance our Path to Potential strategy, we are accelerating global growth, elevating brand distinctiveness, and unlocking greater value across our ecosystem to drive long-term profitable growth.”
Looking ahead, the company is now forecasting full-year net sales in the range of $6.450 billion to $6.480 billion, compared to prior guidance of $6.330 billion to $6.410 billion for the full year 2025. Adjusted net income per diluted share is estimated to be in the range of $2.40 to $2.65, compared to prior guidance of $1.80 to $2.20.
For the fourth quarter, the company is forecasting net sales to be in the range of $2.170 billion to $2.200 billion compared to last year’s fourth quarter net sales of $2.106 billion.
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