The world’s two top fashion retailers Zara owner Inditex and Hennes & Mauritz reported strong sales growth on Wednesday, benefiting from a recovery in consumer spending in their core markets in Europe.
Inditex, whose brands also include upmarket Massimo Dutti and teen label Stradivarius, said sales rose 11 percent in local currencies between 1 Feb. and 8 June, accelerating from the 8 percent it recorded in the year to 31 Jan.
First-quarter sales grew 4.3 percent to EUR3.75 billion (usd5.11 billion). Net profit fell 7.3 percent to EUR406 million, the biggest decline in five years due to the strong euro, but beating the average forecast from analysts.
(Source: CNBC)