Inditex Q1 Profit Jumps

Zara Parent INDUSTRIA DE DISENO IDEXY reported a 28 percent gain in its net profit for the first quarter. Inditex's quarterly net profit surged to EUR521 million ($577.97 million), versus a year-ago profit of EUR406 million. Its sales rose 17 percent to EUR4.37 billion. Earnings before interest and tax jumped to 664 million euros from 530 million euros. Between February 1 and June 7, sales in stores and online climbed 13.5 percent in constant currencies, versus an 11 percent growth in 2014. Gross margin for the quarter widened 50 basis points to 59.4 percent versus 58.9 percent. The company opened 63 new stores in the quarter. Inditex shares gained 1.32 percent to close at $16.84 yesterday.