Inditex – owner of fashion chains Zara, Pull & Bear, Massimo Dutti and Bershka – has revealed a 28% rise in net profits for its first quarter.
- Net profits jump 28%
- Group sales up 17% to €4.4bn
- 63 net store openings
The retailer’s profits rose to €521m (£377.2m) for its three months ending April 30, an increase from €406m (£293.9m) last year.
Inditex also reported like-for-like sales grew across all of its 88 markets, while total revenues grew 17% to €4.4bn (£3.2bn).
Over the period the retailer opened 63 net stores in 27 different markets, bringing its total bricks-and-mortar proposition to 6,746.
The retailer also said sales rose 13.5% in constant currency terms for current trading between February 1 and June 7.
Zara had a number of openings over the period including a new store on Oxford Street in London and refurbished stores in Tokyo, Belfast, Tel Aviv, Montevideo, New York and Copenhagen.
Inditex also said Zara plans to launch online operations in three major markets in Asia – Hong Kong, Taiwan and Macao – by September.
Zara’s home distribution hub in Cabanillas (Guadalajara, Spain) was pointed out as a “particular highlight” for the retailer’s first quarter as its new facilities include fully automated sorting equipment which help to dispatch products more efficiently.
The retailer plans to introduce this technology to other platforms including the Bershka facility in Tordera.