Zara owner records a 10% profit rise
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Spanish fashion retailer Inditex, has announced a 10% rise in net profit for Q1, up to €734m (£634m). Net sales saw record growth for the first quarter, rising by 5% to €5.93bn (£5.2bn).
EBITDA rose 49% to €3.53bn (£3.14bn), alongside a 6% rise in gross profit to €3.5bn (£3.1bn).
Inditex chairman and CEO, Pablo Isla, said: “The solidity of the company’s model, whose profitability and cash flow generation continues to grow owing to the group’s commitment to customer-driven quality fashion.”
The growth is said to be underpinned by the launch of Zara in nine different countries both in-store and online, as well as, the launch of Pull and Bear’s online store in the US. The company also plans to expand Zara into nine more markets including the Middle East and Africa.
