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.
Zara owner Inditex posts big profit despite Shein's rise
FE Team | Published: June 06, 2024 00:57:54
Zara owner Inditex posts big profit despite Shein's rise
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