Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

NEWS

Zara owner Inditex reports slowing quarterly sales growth

Published On :

Zara owner Inditex reports slowing quarterly sales growth

MADRID (Reuters) -Zara owner Inditex grew its sales by 7% in the first quarter of its fiscal year, it said on Wednesday, in line with analysts’ expectations.

The performance represented a slowdown from a year ago when it benefited from a post-pandemic shopping spree.

Inditex, which also owns Pull&Bear, Massimo Dutti and other brands, is attempting to fend off intense competition from rivals such as H&M by chasing and delivering fashion trends faster.

The company has outperformed competitors in recent quarters benefiting from investments in new in-store and online experiences. It is also facing stiff competition from rapidly growing Chinese-owned online retailers Shein and Temu.

The world’s largest listed fashion retailer reported 8.15 billion euros ($8.87 billion) in sales during the three months to April. That compared to an average analyst forecast of 8.1 billion euros, according to an LSEG poll.

Net profit rose 11% to 1.29 billion euros ($1.40 billion) in the three months to April, in line with the 1.3 billion euro average forecast by analysts, according to the LSEG poll. In the first quarter of last year, the company reported a 54% rise in profits.

Sales at constant currencies rose 12% from May 1 to June 3, Inditex said.

($1 = 0.9192 euros)

(Reporting by Corina Pons, editing by Inti Landauro)

 

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts