MADRID—Zara store owner Industria de Diseñ o 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 €521 million ($577.97 million) between Feb. 1 and April. 30,
compared with €406 million a year earlier. Inditex's sales grew 17%
to €4.37 billion.
Analysts polled by FactSet ahead of the results had expected net
profit of €509 million and sales of €4.33 billion.
"We are highly satisfied with the results achieved," said Marcos
Ló pez, 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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