Fashion giant Inditex has posted a “solid” first quarter performance after spring/summer collections were ”very well received”.
Inditex, which owns fascias including Zara and Pull & Bear, generated sales growth of 5.8% in the period – 8.8% at constant currency –to €8.7bn.
Net income rose 5.4% to €1.4bn in the quarter to April 30.
Over the quarter, the group “maintained a solid operational performance led by the creativity of our teams and the strong execution of the fully integrated business model”.
As the second quarter got underway, Inditex reported that in May, store and online sales in constant currency increased 11.5% year on year, “positively impacted by calendar effects”.
The retailer said that optimisation work, such as refurbishments, relocations and new openings, were undertaken in 44 of its markets and it ended the quarter with 5,456 stores.
The company said: “The flexibility and responsiveness of our business in conjunction with in-season proximity sourcing allows a rapid reaction to fashion trends and reinforces our unique market position.
“The growth of the group is underpinned by the continual investment in our store network, the advances made to the online sales channel and the improvements to the logistics platforms, with a clear focus on innovation and technology.
“Artificial intelligence is increasingly embedded across the group’s operations, supporting our teams and enhancing the customer experience.”
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