Adolfo Domínguez Q1: Sales dip, losses narrow

Madrid – Spanish fashion company Adolfo Domínguez has reported its results for the first quarter of its current 2025 financial year. This period, covering March to May, saw the Galician fashion group achieve turnover slightly below last year's figures, and once again reported losses.

According to the accounts presented by Adolfo Domínguez's management to the Spanish National Securities Market Commission (CNMV), the Spanish company closed the first quarter of its 2025 financial year with total net sales of 24.07 million euros. This figure represents stagnation, with a very slight fall of 0.06 percent, compared to the company's turnover of 24.09 million euros during the same period last year.

Meanwhile, in terms of profitability, Adolfo Domínguez closed the first quarter of the year with net losses of 1.75 million euros. From a somewhat optimistic perspective, this amount represents an improvement of 6.61 percent, compared to the net losses of 1.88 million euros incurred by the fashion group during the same period last year.

To put both figures into context, it is important to note that “the March-May period reflects the seasonality of the fashion industry” and represents “the quarter of the financial year with the lowest level of sales in the sector”, argues Adolfo Domínguez. This is why Adriana Domínguez, its executive chair and chief executive officer, has kept her focus on the company's latest annual closing figures, highlighting how “after some intense years of transformation, without external capital but with the support of our shareholders, we have grown the company and placed it in profit in the last two years”.

Looking more closely at Adolfo Domínguez's performance at the start of the 2025 financial year, by channel, the company closed the quarter with a total of 366 points of sale globally, including directly managed stores, franchises and concessions. This is four more points of sale than the 362 it had at the end of the first quarter of 2024, spread across 49 countries. The group added one more at the end of the period, with the opening of a new store in Istanbul (Turkey).

Regarding the online channel, Adolfo Domínguez reports quarterly online sales growth of 19.4 percent, from 1.87 million euros to 2.24 million euros at the end of this first quarter of 2025. This outstanding double-digit increase means the group's digital sales now represent 9.28 percent of the company's total quarterly sales, compared to 7.76 percent at the end of the same period last year.

In terms of the company's performance by market, Adolfo Domínguez experienced a general fall in sales in the main regions in which it operates. Europe generated revenue of around 16.66 million euros (down 2.32 percent); Mexico —a market particularly affected by exchange rates— around 4.64 million euros (down 5.9 percent, up 12.9 percent at constant exchange rates); and Japan around 0.98 million euros (down 2.43 percent). However, a positive note is the significant growth experienced in a single year in other international markets, grouped under a single “Rest of the world” item, which has gone from representing 4.4 percent to 7.3 percent of the company's quarterly sales, at around 1.75 million euros (up 65.81 percent). The fashion group also highlighted, although outside these general indicators, the growth in total sales in markets such as the Middle East (up 41 percent), Colombia (up 25 percent) and France (up 18 percent).

Looking ahead to the group's future performance, management says the company will remain focused on continuing to improve its profitability, as well as on further increasing its commitment to greater international growth and less dependence on the Spanish market.

In this regard, “we are working to continue connecting with our customers in the different markets in which we operate”, said Rubén Martín, Adolfo Domínguez's chief financial officer. This commitment will continue to be pursued, although “with a special focus on continuing to grow profitability”.

“We are now working to make the company more profitable, more international and less dependent on the Spanish market”, stressed the group's executive chair and CEO. Despite the “underwhelming” figures recorded at the end of this first quarter of 2025, progress has already been made on these aspirations, as demonstrated by the fact that “in 2019, 36 percent of our sales were outside Spain; today we are at almost 43 percent”, added Domínguez.