Inditex SA posted a 10 per cent rise in net profit for its first quarter, as the world’s largest fashion retailer and owner of the fast-growing Zara chain continued its rapid international expansion away from its Spanish home market.
The clothing giant, based in La Coruna, Spain, said net profit for the three months ended April 30 was €332 million, up from €301 million a year earlier.
Sales increased 11 per cent to €2.96 billion, driven by new store openings, while its gross margin, measuring the cost of goods sold, decreased slightly to 58.8% from 59.9 per cent. Inditex said it opened 110 new stores in the quarter, and had 5,154 stores in 78 countries across the globe as of April 30.
Source : Wall Street Journal