Business

Inditex Profit Rises 2% in Q1 As Currencies Weigh

PARIS — Inditex said first-quarter net profit rose 2 percent, as currency rates weighed on brisk sales growth across regions.
The Spanish fast fashion retailer and Zara owner said net profit totaled 668 million euros for the February-April period as it continued its push to bring new technology into its operations.
Sales rose 2 percent to 5.65 billion euros, up 7 percent in local currencies, as the company opened new stores in 36 markets and expanded and refurbished existing units.
“The strength of the integrated store and online model, bolstered by continued innovation, is driving solid growth and notable job creation,” Inditex chairman and chief executive officer Pablo Isla said in a statement.
The retailer, with a stable of brands that also included Pull&Bear, Massimo Dutti, Bershka and Oysho, has been working on integrating new technology into all aspects of its business. Inditex said it opened a new distribution center in Laracha, Spain, and is working on another hub in Lelystad in the Netherlands, investing over 150 million euros for the two.
Inditex also launched online sales in Australia and New Zealand.
Sales increased by 9 percent in local currencies between May 1 and June 11, it said. The Spanish retailer has widened its distance from

Follow WWD on Twitter or become a fan on Facebook.

Read More…



Source link

Write A Comment