Inditex scores record Q1 profits

Inditex saw sales rise 12% in Q1

• Increase image
• View all images

Inditex, the parent company of Zara, Bershka and Massimo Dutti, saw sales rise 12% to €2.2 billion (£1.74bn) for the first quarter of 2008.

Inditex's net income rose 10% to €219 million (£173.5m) for the period. Inditex said this was the highest rate of growth in net income since the company became public.

Gross margin also rose and was 11% higher than the same period last year, equating to 57.8% against 56.4% in 2007.

Trading since the start of the second quarter is in line with management expectations. Store sales in local currencies increased by 14% between February 1 and June 8.

Inditex opened 145 stores over the period against 114 opening for the first quarter period in 2007.
Inditex has 3,890 stores across 70 countries. Between 560 and 640 net openings are planned during 2008.