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Zara owner profits up on sales surge Zara owner profits up on sales surge
(about 1 hour later)
Inditex, owner of clothing retailers including Zara and Massimo Dutti, reported a 28% rise in net profit for the first quarter of 2015, after a surge in sales.Inditex, owner of clothing retailers including Zara and Massimo Dutti, reported a 28% rise in net profit for the first quarter of 2015, after a surge in sales.
The Spanish company posted a profit of €521m (£383m) between February and April, up from €406m (£298m) over the same period last year.The Spanish company posted a profit of €521m (£383m) between February and April, up from €406m (£298m) over the same period last year.
Inditex opened 63 new stores over the period, bringing its total to 6,746.Inditex opened 63 new stores over the period, bringing its total to 6,746.
It also said sales rose 17% to €4.37bn (£3.2bn).It also said sales rose 17% to €4.37bn (£3.2bn).
Shares in the company were down 0.4% in morning trading in Madrid.Shares in the company were down 0.4% in morning trading in Madrid.
The company, which also owns Pull & Bear and Bershka, said the expansion of Zara Home - its home goods range - was a "particular highlight" of the first quarter. Graham Renwick, an analyst at Exane BNP Paribas, said: "Inditex have returned to premium growth in style. Whilst largely expected, confirmation is comforting.
"This momentum - and the ongoing top-line momentum into 2Q [second quarter] - bodes well for the year ahead, but looks to have been largely captured in consensus forecasts, which are likely to rise only modestly today."
Inditex, which also owns Pull & Bear and Bershka, said the expansion of Zara Home - its home goods range - was a "particular highlight" of the first quarter.