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Profits up 28% at Zara parent company Inditex

Inditex Group’s net profit rose by 28% to €521m (£382m) during the first quarter, as net sales increased 17% to €4.4bn (£3.2bn).

The owner of brands including Zara, Pull & Bear, Massimo Duti, Berksha and Stradivarius experienced like-for-like sales growth in all regions between February 1 and April 30. In constant currency, sales were up 13%.

Inditex opened 63 stores during the quarter, including a Zara at 61 Oxford Street (pictured),  bringing its total to 6,746 in 88 markets.

Zara will launch websites in Hong Kong, Taiwan and Macao in time for autumn 15.

It said it is on track to offer any employees employed for more than two years  - including those in stores, manufacturing and logistics operations - 10% of the growth in its net profit at the end of the year, under its profit-sharing plan.

Inditex will hold an annual general meeting on July 14.

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