Zara Owner Inditex Improves Profitability Despite Sturdy Euro
One of the world’s largest fashion retailers Inditex, that also owns the very famous fashion brand Zara has announced on Wednesday about the improvements in its profitability for the beginning three months of the current financial year. Without being affected by all the negative currency effects, the retailer managed to increase profits.
However, inadequate sales growth in the first quarter of the year discouraged the investors, along with negative currency effects and unseasonably cold weather in Europe. Because of these events, the quarterly growth rate was a mere 2 per cent, lower than rates booked during the financial crisis.
But further, it has also been reported that the sales of the company were very strong in the first six weeks of the second quarter. The sales were raised by...