Spanish fashion giant Inditex boosted net income by 20 per cent in the first quarter to EUR98.5 million (£65.4 million), on the back of store expansion.
Net sales in the three months to April 30 came to EUR1.2 billion (£797 million), up 23 per cent on the equivalent period last year. Gross margins on sales were 52 per cent.
The retailer opened 61 stores in the first quarter and expects to open between 315 and 365 outlets during the course of this year.
Inditex also announced the resignation of director Rosalia Mera Goyenechea, who holds a 7 per cent stake. She will remain as a shareholder in the company.