Inditex growth soars on store rollouts, weak euro
Spanish-based global fashion retailer Inditex has posted a staffer 28 per cent increase in net income in its first quarter financials.
The world’s largest apparel retailer, parent of brands including Zara, Pull & Bear, Bershka and Stradivarius, says its profit growth was the fastest in more than two years.
The company credited ongoing store network expansion and a weak euro for the strong performance. Net earnings reached 521 million euros (US$589 million) in the quarter to April 30. And there is even better to come. The company says growth is showing signs of being even greater so far in the second quarter.
Inditex has been opening new stores at a rate of more than one a day for the last five years as well as expanding its online retail reach with more stores across its brands in new international markets.
Total sales rose to 4.37 billion euros, an increase of 13 per cent excluding currency shifts.