Inditex, owner of the Zara chain, fared better than rival H&M as its global sales soared 11% in its first quarter.
The Spanish fashion group’s global sales rose to €2.96bn (£2.59bn) in the three months to April 30, as H&M total sales edged up just 2% to 27bn SEK (£2.57bn), and its like-for-likes nudged up 2%, in its second quarter to May 31.
Inditex’s net income was 10% up on last year for the quarter to April 30 at €332m (£291m). The retailer opened 110 stores over the quarter taken its total number to 5,154.
Analysts said that Inditex has fared better than its rival as it sources a larger proportion of its stock in Europe and north Africa, where wage inflation is lower than in Asia.
Inditex said it will launch online sites for its smaller brands including Massimo Dutti, Pull and Bear and Bershka, as revealed in Retail Week in April, from September 6 in selected European markets, including the UK. It will also launch a transactional Zara site in the US on September 7.