INDITEX, the owner of fashion chains Zara and Massimo Dutti, has posted a 28 per cent increase in net profit for the first quarter.
The Spanish group’s revenue rose by 17 per cent to €4.37bn (£3.18bn), aided by the weakness of the euro. Net profit rose to €521m in the first quarter, against expectations of €505m.
The company relies on a so-called fast fashion model, enabling it to adapt rapidly to changes in trends, while the opening of 27 new stores over the period also boosted its growth.
Commenting on the results, capital markets director of Inditex Marcos Lopez said: “Results reflect a very strong operating performance with positive like-for-like sales growth in all geographies.”
Amancio Ortega, the founder of the group and its largest shareholder, is currently listed as the second-richest person in the world by Bloomberg with an estimated net worth of $70.7bn (£45.6bn).