MADRID (Reuters) – Zara owner Inditex reported a 10% rise in first-half profit as sales increased 7.2%, at a slower pace than last year but in line with analysts’ expectations of tougher times for fashion retailers in Europe, partly due to wetter-than-expected weather in early summer.
Despite June’s headwinds, Inditex posted net incomes of 2.8 billion euros ($3.09 billion) and sales of 18.1 billion euros in its first half ending in July, while analysts polled by LSEG expected a profit of 2.77 billion euros with 18 billion euros in sales.
The fashion giant also said its most recent sales between Aug. 1 and Sept. 8 saw an 11% boost in constant currency compared with a year ago, offsetting the slowdown in earlier months.
($1 = 0.9050 euros)
(Reporting by Corina Pons; Editing by David Latona)