Inditex (ITX.MC): First Take: 4Q PBT in line, current trade cFX sales +11% (+52% pre-Covid stack), elevated logistics capex introduced 13 March 2024 | 7:54AM GMT News: Inditex reported 4Q24 PBT of €1,632mn (Visible Alpha Consensus Data €1,639mn). Net sales increased +8.7% to €10.34bn (consensus +8.7% to €10.35bn). On a constant currency basis, 4Q cFX sales +11.2% (vs consensus +13.4%), equivalent to +33% vs pre-Covid. 4Q GM increased +c.100bps to 53.8% (consensus c.+100bps to 53.8%), and EBIT margin increased +c.150bps to 15.6% (consensus +150bps to 15.6%). 4Q24 inventory -7% yoy. Net cash at the end of the quarter +13.3% yoy to €11.4bn. Current trading: cFX sales between 1 March increased +11% yoy, equivalent to +52% vs pre-Covid (consensus 1Q25E cFX sales +8.3% yoy and +50% vs pre-Covid).