Inditex Net Income Rises Most in Two Years on Zara Expansion
Shoppers pass a Zara fashion store, operated by Inditex SA, in Nice, France, on Thursday, May 14, 2015. The European Commission and the International Monetary Fund both see expansion of more than 1 percent this year, more than twice the annual pace recorded since President Francois Hollande came to power in 2012.
Photographer: Andrey RudakovInditex SA, the world’s largest clothing retailer, reported the fastest profit growth in more than two years as the Zara owner opened more stores and benefited from the weak euro.
Net income rose 28 percent to 521 million euros ($589 million) in the first quarter, which ran through April, Inditex said Wednesday in a statement. Analysts surveyed by Bloomberg had predicted 504.6 million euros. The company signaled that revenue growth has accelerated slightly so far in the second quarter.