Sales rise at Inditex but H&M disappoints
Spanish retail group Inditex has reported an 11% rise in first-quarter sales to 2.96 billion, beating Swedish rival H&M's figures.
Inditex, which owns the Zara fashion brand, said net profit for the three months to 30 April rose 10% to €332 million. The growth was driven by the group's international expansion outside of Spain especially in fast-growing emerging markets such as China.
The group said it would continue to expand into online and in new markets announcing that Zara would be launching online in the US in September. Six of the group’s other brands will move online in the autumn.
Meanwhile, the world's second-largest clothing retailer H&M announced a 2% rise in like-for-like sales, which was below analysts' predictions of a 5.4% rise.
The Swedish brand said the poor performance was due to the sharp appreciation of the Swedish krona against the euro.
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