Inditex stock: Jefferies sees durable growth ahead of results

Published on 11/04/2026 at 12:08 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Inditex stock remains a preferred fashion-sector pick for Jefferies ahead of the December 2 results. The broker sees several growth supports.

What Jefferies expects next

Jefferies keeps Inditex among its preferred fashion-sector choices and expects third-quarter results on December 2.
The broker sees support from a John Galliano collaboration, cooler European weather, currency effects and French rules targeting ultra-fast fashion.
Inditex's lower China exposure and affordable positioning remain central to the investment case.

Inditex, ES0148396007, Illustration mit AI erstellt.

Jefferies remains constructive on Inditex ahead of the company's third-quarter results, scheduled for Wednesday, December 2, 2026. Bolsamania reported on Wednesday, November 4, that the broker continues to regard the Spanish fashion group as one of its preferred sector choices and retains a buy rating with a EUR 67 price target.

Jefferies expects Inditex to deliver a solid third-quarter update despite investor concerns about operating-cost growth. Its estimate calls for currency-neutral sales growth of 9.5%, ahead of the 8.4% consensus forecast. The broker expects gross margin to decline by 25 basis points year over year, compared with an 8-basis-point decline in consensus estimates, while EBIT is forecast at EUR 2.62 billion, 10% above the prior-year level and above the EUR 2.57 billion consensus estimate. Operating expenses are expected to rise 9%.

Several drivers support the outlook

The broker points to four factors that could support trading through the remainder of the year. The first John Galliano collaboration launched at Zara on October 1, and Jefferies expects a potential contribution to become visible in the upcoming results. Cooler European temperatures toward seasonal levels in late October and November could also encourage demand for autumn and winter apparel.

Jefferies also sees the foreign-exchange impact shifting from strongly dilutive to slightly positive in recent months. In addition, French legislation targeting ultra-fast-fashion businesses has been in force since September 1. The broker expects these regulatory changes to improve the relative position of established retailers such as Inditex.

The broader thesis rests on Inditex's positioning between mass-market retail and luxury. Jefferies argues that consumers seeking more affordable products have supported the group's sales density and benefited its brand and store initiatives. It also estimates that China accounts for about 5% of Inditex sales, compared with close to 30% for the wider European luxury sector, limiting the group's direct exposure to deteriorating European-China trade relations.

Valuation and upcoming results

Jefferies said Inditex trades at a 3% discount to European luxury companies, or at a 21% premium when ultra-luxury names are excluded. The broker expects Inditex revenue to be 33% higher by the end of 2026 than in January 2023, compared with 6% growth for European luxury companies, excluding ultra-luxury at 1%.

Inditex stock traded at 57.74 euros on Lang & Schwarz at 12:04 CET on Wednesday, November 4, 2026. The company lists its next investor update for December 2, when the nine-month results are due.

Investors can follow the real-time quote of Inditex stock alongside the broker's estimates and the company's operating update.

The wider Spanish market can be followed in the IBEX 35 market overview.

For further company coverage, see More news and analyses on Inditex stock.