Inditex posts 30 pct rise in Q1 net profits
MADRID—Spanish clothes retailer Inditex, which owns the Zara and Massimo Dutti chains, says buoyant sales enabled it to post a 30 percent increase in first-quarter net profits.
Inditex said Wednesday that first quarter net sales rose 15 percent in the three months to April (EURO)3.42 billion ($4.27 billion), generating (EURO)432 million ($539.65 million) in net income.
Inditex SA said it opened 91 new stores in 26 different markets to boost its total worldwide store base to 5,618 through which it sells eight brands including Bershka, Pull & Bear and Oysho.
Founded by Amancio Ortega, Inditex opened its first Zara store in La Coruna, northwestern Spain in 1975.
Shares in the company were up 8 percent at (EURO)72.99 ($91.18) in morning trading in Madrid.