By Christopher Bjork
MADRID--Zara store owner Industria de Diseño Textil SA said
Wednesday that net profit surged 28% in the first quarter, as sales
grew in stores on five continents and earnings were further
bolstered by a weakening euro.
The Arteixo, northwestern Spain-based retailer said net profit
was EUR521 million ($577.97 million) between Feb. 1 and April. 30,
compared with EUR406 million a year earlier. Inditex's sales grew
17% to EUR4.37 billion.
Analysts polled by FactSet ahead of the results had expected net
profit of EUR509 million and sales of EUR4.33 billion.
"We are highly satisfied with the results achieved," said Marcos
López, Inditex's capital markets director. "They reflect a very
strong operating performance with positive like-for-like sales
growth in all geographies."
For the first time in two years, the world's largest fashion
retailer by sales got a boost from a weakening euro compared with
other currencies. That helped further propel sales and profit
growth.
Inditex said sales in stores and online in constant currencies
grew 13.5% between Feb. 1 and June 7, compared with a growth rate
of 11% in 2014.
Write to Christopher Bjork at christopher.bjork@wsj.com
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