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Zara-owner Inditex sees net income fall 16%

Inditex, the owner of fast-fashion giant Zara, saw net income fall 16% to €184m euros (£158m) in the first quarter ended April 30.

Inditex, which also owns the Massimo Dutti, Bershka and Pull and Bear chains, saw net sales rise 5% to €2.3 billion (£2bn) in the first quarter of 2009 but EBITDA fell 7% to €395 million (£340m) over the first quarter of 2009 over the period.

Inditex said it would press ahead with plans to open between 370 and 450 new stores this year.

The group opened 95 new stores in 28 countries in the first quarter of 2009, bringing its total number of stores worldwide to 4,359 in 73 countries as of the end of April.


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