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Reuters
Published
Jun 10, 2009
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Inditex Q1 net falls 15%, May-June sales up 9%

By
Reuters
Published
Jun 10, 2009

MADRID, June 10 (Reuters) - Inditex (ITX.MC), owner of global fashion chain Zara, reported a 15 percent drop in first-quarter net profit on Wednesday 10 June due to the difficult economic environment, despite a rise in sales. Inditex booked a net profit for the quarter ended April 30 of 184 million euros ($255 million), slightly below the 187 million forecast in a Reuters poll of 11 analysts.


Zara, Spring-Summer 2009

Total sales in the first quarter were 2.338 billion euros, up 5.4 percent from 2.218 billion in the first quarter of 2008.

Since the period end, sales at constant exchange rates rose 9 percent in the period May 1 to June 7, Inditex said in a statement.

The retailer said it maintained its forecasts for store space and investment for the financial year 2009. (Reporting by Sarah Morris, editing by Will Waterman)

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