GO
Loading...

Enter multiple symbols separated by commas

Spain's Inditex Reports 33% Rise in First-Quarter Earnings

Fashion retailer Inditex said Wednesday its first-quarter net profit rose 33%, helped by higher sales from its global network of outlets and new store openings.

The owner of the Zara chain said net profit in the three months from February to April rose to 200 million euros ($266.9 million), up from 150 million euros a year earlier.

Inditex, Europe's largest fashion retailer by sales, said revenue in the quarter rose by 19% to 2.04 billion euros ($2.72 billion).

Inditex -- which operates eight store concepts, including Massimo Dutti, Bershka and Zara Home -- said it had opened 114 new stores in the quarter.

The group said it maintained its expectations of between 440 and 520 net openings and capital expenditures of between 850 million euros ($1.13 billion) and 950 million euros ($1.27 billion) for the whole of fiscal 2007.

Inditex's shares closed Wednesday at 45.25 euros ($60.14)).

Last week, shares in consumer-oriented stocks -- Inditex included -- fell sharply on fears that additional interest rate hikes in the euro zone may hinder consumer spending.

Inditex is up about 10% since the beginning of the year, trading broadly in line with European retailers.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

  • Ferrari 488 Spider

    Ferrari's new 488 Spider will have a V-8 turbo engine and a retractable hard-top roof that lowers in just 14 seconds.

  • FDA bans import of some Cilantro as annually recurring outbreaks (in 2012, 2013, and 2014) of cyclosporiasis in the United States which have been associated with fresh cilantro from the state of Puebla, Mexico.

    The FDA announced the partial ban after some cilantro was linked to 2013 and 2014 outbreaks of stomach illnesses in the US.

  • Thomas Lee

    This year's flat market is reminiscent of 1904, says Thomas Lee of Fundstrat Global Advisors in an interview with Amanda Drury.

U.S. Video

  • Trading the China plunge

    Discussing China and trading the China plunge with Ari Wald, Oppenheimer, and Andrew Keene, Keene on the market.

  • Tom Brady's 4-game suspension upheld

    Roger Goodell, Commissioner of the National Football League, upholds Tom Brady's four game suspension, reports CNBC's Brian Sullivan.

  • CNBC update: 2 teens missing

    The US coast guard and Navy are still searching the Atlantic Coast for two teens who have been missing since Friday, reports CNBC's Sue Herera.