Inditex: Q4 12 results just below expectations

SELL, Fair Value EUR100 (-8%)

News published on March Wednesday 13, 2013
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The main points of Inditex’s Q4 12 publication are: 1). Q4 12 EBIT around 2% below consensus ests. due to a weaker than expected gross margin; 2). Adjusted LFL sales were up around 4% in the first
10 weeks of FY13, but a tougher comparison base lies ahead; 3). Space growth guidance for FY13 is within the 8-10% mid-term guidance; and 4). The FY12 dividend is in line with expectations. A conference call is scheduled at 9am CET.

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