Inditex 9-month Earnings Surge On Strong Sales; Stock Down

Industria de Diseño Textil SA or Inditex Wednesday reported significantly higher earnings in its nine-month period with strong sales growth. The Spanish fashion retailer also said its standalone third-quarter net profit, EBITDA and revenue reached all-time record levels. Looking ahead for fiscal 2021, the company now projects a gross margin of around 57.5 percent, plus or minus 50 basis points.