Inditex SA (ITX), the owner of the Zara and Massimo Dutti chains, reported nine-month profit in line with analyst estimates as the retailer expanded online.
Net income rose 1 percent to 1.67 billion euros ($2.3 billion) in the nine months through October, the Arteixo, Spain-based company said in a statement today. The average of 16 estimates compiled by Bloomberg was 1.7 billion euros.
Inditex is finding profit growth hard to come by this year as the strength of the euro weighs on international earnings and a recovery in its domestic economy remains at an early stage. Net income at the world’s largest clothing retailer has risen at least 10 percent in each of the last three years.
The company said it had 6,249 stores in 86 markets as of the end of October. It’s adding stores in countries such as China and said it would start online sales in South Korea and Mexico next year as it seeks to offset weaker growth in western Europe.
Sales gained 10 percent in constant-currency terms from Nov. 1 through Dec. 8, Inditex said today. Nine-month sales for the group gained 5 percent to 11.9 billion euros.
To contact the reporter on this story: Manuel Baigorri in Madrid at email@example.com