Inditex Reports 10% Increase In Q1 Net Profit

Industria de Diseno Textil SA IDEXF reported a 10% rise in its first-quarter net profit on Wednesday. IDEXF's net profit surged to 332 million euros ($479 million), from €301 million, in the year-earlier period. Its sales climbed 11% to €2.96 billion, from €2.67 billion a year ago. Analysts were expecting a net profit of €313.8 million on sales of €2.96 billion. IDEXF's gross profit jumped 9% to €1.74 billion, with the gross margin at 58.8% of sales, down from 59.9%, in the year-ago period. Its store sales in local currencies between February 1 and June 12 climbed 11%. Read more from Benzinga's Company news.