Zara owner Inditex posts big profit despite Shein's rise

MADRID, June 05 (AFP): Zara owner Inditex, the world's biggest fashion retailer, on Wednesday reported a record net profit for the first quarter, even as the Spanish group faces growing competition from Chinese-founded online rival Shein.

Inditex, whose other brands include Bershka, Massimo Dutti and Pull&Bear, has posted solid earnings and seen its share price soar in recent months despite inflation and geopolitical headwinds.

Its net profit reached 1.3 billion euros ($1.4 billion) in the quarter ending April 30 -- an 11 per cent increase from the same period last year and an all-time high for a three-month span usually marked by weaker earnings.