Spanish textile company Industria de Diseno Textil or Inditex Group (IDEXF.PK) said its first quarter profit was up 30 percent to 432 million euros from a year ago.
Net sales grew to 3.42 billion euros from 2.96 billion euros in the prior-year quarter. Net sales were up 14% in local currencies.
Store sales in local currencies increased 14% between 1 February and 10 June 2012.
Inditex opened 91 new stores during the quarter, bringing the total store base to 5,618 at 30 April 2012. The new store openings notably included the global flagship Zara store located on the corner of New York's Fifth Avenue and 52nd street. Zara plans to launch its online store in Mainland China in September.
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by RTT Staff Writer
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