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Inditex posts rise in profit

Inditex posts rise in profit

MADRID: Spanish clothes retailer Inditex, owner of the Zara store chain, on Wednesday reported a 6 percent rise in its first-quarter net profit due to higher sales worldwide.

The world’s largest fashion retailer by sales said profit for the quarter ending April 30 rose to 554 million euros (US$621 million) from 521 million euros a year earlier. The company, which operates eight store brands, including upmarket label Massimo Dutti and teen chain Bershka, said sales reached 4.9 billion euros, a 12 percent annual increase.

Sales were up by 17 percent in constant currency terms, which irons out currency fluctuations.