MADRID: Spanish retail giant Inditex said on Wednesday net profit rose 4.0 per cent during the first nine months of its fiscal year, a slower gain than last year due in part to recent warm weather.
The company, the owner of the popular brand Zara and one of the world’s largest fashion retailers, posted a net profit of 2.44 billion euros ($2.77 billion) in the February to October period, up from 2.34 billion euros a year earlier.
The results were in line with analysts’ expectations but they represented a slowdown from the 6.0 per cent increase in net profit posted during the previous nine-month period.
Inditex, which launched online sales for Zara in 106 new markets last month, said sales overall climbed 3.0 per cent to 18.4 billion euros.
The company — whose brands include Massimo Dutti, Pull&Bear, Bershka and Oysho — said the period was marked by an “extraordinarily warm September” in Europe which slowed the start of its autumn-winter collection although sales were strong in November. — AFP
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