MADRID, Dec 13 (Reuters) – Inditex, owner of the Zara brand, reported on Wednesday a 32.5% increase in net profit between February and October, while stressing that sales growth slowed compared to compared to the previous year, due to the difficulties encountered by consumers.
The Spanish ready-to-wear giant’s net profit stood at 4.1 billion euros, in line with analysts’ expectations.
Inditex’s online and in-store sales rose 11% year-on-year, a slower pace than the 19% rise recorded a year ago, with the group’s gross margin reaching 59.4%.
Between November 1 and December 11, Inditex sales increased by 14% in local currencies compared to the same period last year, reflecting a good start to the holiday season. . (Reporting by Corina Pons, French version by Augustin Turpin, edited by Kate Entringer)
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