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Inditex profits climb to £654m

Net profit at Spanish fashion group Inditex was up 10% year on year to €734m (£654m) for the first quarter of its 2019/20 financial year.

Net sales at the group, which owns brands including Zara, Massimo Dutti and Pull & Bear, rose 5% year on year for the period from 1 February to 30 April, while EBITDA rose 49% to €3.53bn (£3.14bn).

Total sales from 1 February to 7 June were up 6.5% year on year.

Inditex chairman and CEO Pablo Isla credits the group’s “strong momentum in the digital transformation of the integrated store and online sales platform” for the figures. The group launched nine new online markets in the first quarter, including in Brazil, and opened new stores across 23 markets.

As part of its profit-sharing plan, Inditex paid €32m (£28.5m) to 92,000 employees in the first quarter.

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