Inditex turns rags to riches
Inditex, the owner of the Zara and Massimo Dutti fashion chains, fended off the effects of unseasonable weather and the strength of the euro to post a slight increase in nine-month profit that met analyst estimates.
Net income rose 1pc to €1.6bn in the nine months through October, the Arteixo, Spain- based company said. The average of 16 estimates compiled by Bloomberg was €1.7bn. Inditex is finding profit growth hard to come by this year as the euro's strength weighs on international earnings and a recovery in its domestic economy remains at an early stage. Cold spring weather and a mild fall also hindered the world's largest clothing retailer, which has boosted profit by at least 10pc in each of the last three years.