First-quarter sales jump at Inditex

The Spanish retailer, which also owns Pull & Bear, Massimo Dutti and Oysho, said net sales in the three months to 30 April rose 7% to €8.15bn. Analysts had been expecting sales of around €8.1bn.

Earnings before interest, tax, depreciation and amortisation rose 8% to €2.4bn, while pre-tax profits increased 11% to €1.7bn.

Net income was up nearly 11% at €1.3bn.

Inditex called it a "very robust operating performance", which it attributed to the "creativity of teams and the strong execution of the fully integrated business model".

Looking ahead, the fashion chain said it continued to see "strong" growth opportunities, with sales since the end of the first quarter, to 3 June, up 12% year-on-year.

It said the spring/summer collections had continued to be "very well received" by customers.

However, it also noted that adverse currency moves were likely to cut 2% from sales this year, up from a previous forecast for 1.5%.

At the end of the first quarter, Inditex had 5,698 stores in 214 markets worldwide.

As at 0915 BST, the Madrid-listed stock was up 5%.