Madrid, Feb 1, 2026, 21:58 CET — Market closed.
- Madrid opens Monday trading after Inditex pulled back from gains late last week.
- H&M’s update has brought peer signals on winter demand back into the spotlight.
- Inditex’s March results loom as the next key catalyst, while euro-zone inflation figures are set for midweek release.
Shares of Zara parent company Industria de Diseno Textil, S.A., or Inditex (ITX.MC), ended Friday at 55.00 euros, marking a 1.66% gain. Trading volume hit around 1.9 million shares. The stock has dropped about 2.4% so far in January and remains within a 52-week range between 40.80 and 57.74. (Investing)
With markets closed Sunday, all eyes turn to Monday and how investors will price Inditex’s fiscal year end on Jan. 31. The company’s nine-month report flagged a roughly 4% currency headwind on fiscal 2025 sales at current exchange rates. It also forecast a stable gross margin— the portion of sales remaining after direct costs—within about half a percentage point. Full-year results for the period ending Jan. 31 are set for release on March 11. (Inditex)
The sector mood is far from rosy. H&M flagged slower winter sales on Thursday, reporting a 2% drop in local-currency sales for December and January. The retailer is struggling against low-cost online players like Shein while also contending with Zara at the premium end of fast fashion. CEO Daniel Erver told Reuters he was “not satisfied with the sales development.” Lucas Mattsson of Inderes added it “doesn’t feel” like H&M has turned around its sales growth yet. (Reuters)
Despite some hesitation earlier, the tape held steady into month-end. European stocks closed January on a positive note, fueled by earnings reports; Spain’s IBEX climbed 1.7% on Friday, while the STOXX 600 gained 0.6%, according to Reuters. (Reuters)
Spain’s economy grew 2.8% in 2025, driven by strong domestic demand and household spending, preliminary data revealed. The economy also saw a 0.8% expansion in the fourth quarter. This boost matters for retailers heavily exposed to the local market. Yet, investors remain cautious, waiting to see if rising prices will force more markdowns. (Reuters)
Inditex’s December trading update highlighted a “strong” start to winter. November sales climbed 10.6% in constant currency, excluding exchange-rate effects, beating third-quarter sales forecasts. CEO Oscar Garcia Maceiras described the results as “a strong performance” despite a challenging environment. Bernstein’s William Woods noted the Spanish economy was underpinning demand. (Reuters)
However, the upcoming update could swing either way. If January saw tougher promotions or customers eased off after the holidays, sales might stay steady but margins could tighten; meanwhile, fluctuations in the euro can make reported growth appear stronger or weaker even when demand stays flat.
Ahead of Inditex’s earnings, retail traders will eye the data calendar closely. Eurostat plans to release its flash estimate for January inflation in the euro area on Feb. 4. That figure could shift rate expectations and, in turn, impact consumer stocks. (European Commission)
Inditex shares will resume trading on Monday, with broker updates and insights from peers shaping early moves. The real focus, however, lands on March 11, when the Zara owner delivers its first solid update on winter sales and reveals how currency shifts, discounting, and store spending are impacting margins.
