// Inditex Q1 sales & profits rise thanks to worldwide expansion of Zara
// Net sales up 5% to £5.2bn
// Net profit up 10% to £653m
Inditex has recorded a rise in its first-quarter sales and profits thanks to a worldwide expansion of its leading brand, Zara.
Net sales for the group rose five per cent to €5.9 billion (£5.2 billion), while net profit rose 10 per cent to €734 million (£653 million).
In-store and online sales increased 9.5 per cent in local currencies between May 1 and June 7; the equivalent growth from February 1 to June 7 was 6.5 per cent.
The Spanish clothing retailer attributed the sales success to taking Zara online to Brazil.
Inditex said it went live with the official Zara website in Brazil during the three months to April 30 and then expanded into eight other countries such as Morocco and Saudi Arabia.
Inditex opened stores in 23 different countries during the quarter.
It currently has plans to expand into nine more markets including South Africa and Kuwait in the Autumn.
Meanwhile, Inditex’s other brands including Pull & Bear which moved online in the US, as well as Stradivarius, Zara Home, Oysho and Uterqüe, have all expanded and opened stores worldwide.
“These figures demonstrate the solidity of the company’s model, whose profitability and cash flow generation continues to grow owing to the group’s commitment to customer-driven quality fashion,” Inditex chairman and chief executive Pablo Isla said.