Zara owner posts 63-percent profit rise in quarter
Spain's Inditex, Europe's biggest clothing retailer under the cheap-and-cheerful Zara brand, posted on Wednesday a 63-percent rise in first-quarter net profit on strong sales.
The group reported a net profit for the quarter that runs to April 30 of 301 million euros (359.6 million dollars) compared to 184 million euros in the same period last year.
Inditex, whose other brands include youth label Bershka and upmarket brand Massimo Dutti, posted sales during the period of 2.67 billion euros, a 14 percent increase over the 2.34 billion euros in the same quarter last year.
Sales during from the period between February 1 and June 7, which includes the first five weeks of the second quarter, were up 13 percent, the company said in a statement.
Zara will begin online sales on September 2 in its home market Spain as well as in Britain, France, Germany, Italy and Portugal.
Inditex opened 98 stores in 29 countries during the first quarter of 2010, bringing its total to 4,705 in 76 countries as of the end of April.
Last month it opened its first store in India, brining to 77 the number of countries in which it is present.
© 2010 AFP