Constant currency
Also: currency-neutral, constant exchange rates, CER
Constant-currency growth restates the current period's sales at the prior period's exchange rates, so the change reflects trading rather than currency movements. Methods differ: some companies retranslate at last year's average rates, others also adjust for hyperinflation. The figure shows underlying momentum; it is not cash the company received, and it says nothing about the currency cost of sourcing, which sits in gross margin.
A group that buys stock in dollars and sells in euros, sterling or yen meets currency twice, in translated sales and in landed cost. The constant-currency sales line removes only the first, so buying teams still meet the second in their intake margin.
Inditex reported net sales of €19,755 million for the six months to 31 July 2026, up 7.6% (€18,357 million), or 9.2% at constant currency.