Zara-owner Inditex posts weak profit growth
- 12 June 2013
- From the section Business
Zara-owner Inditex, the biggest fashion retailer in the world, has posted its weakest profit growth in four years.
Net profit between February and April was 1.4% higher than a year earlier, at 438m euros ($583m; £372m).
Retailers have been hit by the cold and wet weather in Europe which has dissuaded shoppers from buying new spring or summer clothing.
Rival Hennes & Mauritz also cited weak sales in the region when it posted flat sales in May.
Along with the cold weather, Inditex blamed currency fluctuations for its weak profit growth.
Inditex group owns a host of brands including Bershka and higher-end label Massimo Dutti.
The company said it had opened 49 more stores globally in the February to April period, bringing its total stores to 6,058.