Zara owner Inditex and H&M report strong sales growth
Fashion retailers benefit from recovery in European consumer spending
H&M said sales rose 19 per cent in May, its fastest growth in six months. Photograph: Krisztian Bocsi/Bloomberg
Inditex, whose brands also include Massimo Dutti and Stradivarius, said sales rose 11 per cent in local currencies between February 1st and June 8th, up from the 8 per cent recorded in the year to January 31st.
First-quarter sales grew 4.3 per cent to €3.75 billion. Net profit fell 7.3 per cent to €406 million, the biggest decline in five years due to the strong euro, but beating the average forecast from analysts.
It is benefiting from the start of a recovery in its home market Spain where it still makes about one fifth of sales.
H&M said sales rose 19 per cent in May, its fastest growth in six months. – (Reuters)