Inditex: Q1 net profit increases 10 percent

The Inditex Group registered net sales growth of 5 percent in the first quarter to April 30 to 5.93 billion euros (6.72 billion dollars), which the company said was driven by the ongoing digital transformation of its integrated store and online sales platform. Store and online sales increased by 9.5 percent in local currencies from May 1 to June 7 and 6.5 percent from February 1 to June 7 in local currencies. The company added that the group’s operating performance lifted net profit to 734 million euros (832 million dollars), up 10 percent year-on-year, while gross margin widened 61 basis points to 59.5 percent.