Zara parent reveals flat like-for-like sales
Zara owner Inditex said that like-for-like sales were flat for the first six weeks of its second quarter, causing its share price to fall more than 6 per cent.

The retailer said supply problems with Zara's knitted garment lines, which are sourced in Asia and Eastern Europe, were to blame.

The retailer's net profits in the first quarter, from February to April, rose 21 per cent to Eu12.8 million. Sales rose 19 per cent year on year to Eu1.41 billion.

Inditex said the second quarter is traditionally the weakest of the year and that it is preparing for the summer Sales season, which it said will help to lift like-for-like sales.