PARIS — Inditex shrugged off bad weather and economic turmoil to log another strong increase in sales and profits in the fiscal first quarter, posting like-for-like sales growth in all geographical markets.
The Spanish fast-fashion retailer recorded sales of 4.88 billion euros, or $5.46 billion, in the quarter, up 12 percent versus the same period last year and above-market expectations. In constant currency terms, revenues grew 17 percent between Feb. 1 and April 30.
Net profit rose 6 percent to 554 million euros, or $620 million. All dollar rates are calculated at average exchange for the period concerned.
“Thanks to the group’s strong growth, we are able to generate jobs in all our business markets, most notably, in Spain,” said Pablo Isla, chairman of Inditex, Europe’s largest clothing retailer and parent of brands including Zara, Massimo Dutti and Bershka.
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The momentum has continued into the fiscal second quarter, with sales in constant currencies rising 15 percent between May 1 and June 13.
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Inditex opened 72 stores in 31 markets in the first quarter, including its first units in Aruba and Nicaragua, bringing its global network to 7,085 stores. The group continued to expand in May and June, establishing a presence in Paraguay and inaugurating the first Massimo Dutti store in India.
Its brands also expanded their e-commerce platforms in the European Union, with the launch of online stores in Bulgaria, Croatia, Slovakia, Slovenia, Estonia, Finland, Hungary, Latvia, Lithuania, Malta and the Czech Republic. Inditex now has an online sales presence in 39 markets worldwide.
The Arteixo, Spain-based group plans to hold its annual general meeting on July 19. Irene Miller, the only female member of the board of directors, is set to leave her post after 15 years following the end of her mandate. The board will propose Baroness Denise Kingsmill to succeed her.