By Anthony Shevlin and Euan Conley
Spain's Inditex (ITX.MC) said Wednesday that net profit in its fiscal first quarter rose 2% as sales increased thanks to same-store sales growth across all of its markets.
The company, which owns the Zara chain of stores, said net profit for the period ending April 30 was 668 million euros ($786.2 million) compared with EUR654 million a year earlier.
Inditex said sales for the quarter stood at EUR5.65 billion compared with EUR5.57 billion a year earlier, due to "a solid business performance and same-store sales growth across all of its geographies."
Gross margin improved to 58.9%, up 68 basis points from the same quarter a year ago, the company said.
"The strength of the integrated store and online model, bolstered by continued innovation, is driving solid growth and notable job creation," said Pablo Isla, Inditex's chief executive.
Write to Anthony Shevlin at email@example.com