MADRID – Spanish clothes retailer Inditex, which owns the Zara store chain, is blaming currency fluctuations for its lowest first-quarter growth in four years.
Inditex said Wednesday that profit for February through April grew by 1.4 per cent to 438 million euros ($583 million) compared with the same period last year. Sales were up a healthier 5.2 per cent to 3.6 billion euros.
Inditex said it had 6,058 stores as of April, up 49 during the quarter, with Russia, Japan and China accounting for the largest number of openings.
Founded in 1975 by Amancio Ortega, Inditex operates eight brands including Massimo Dutti, Bershka, Pull & Bear and Oysho.
Inditex’s shares were down 0.2 per cent at €97.69 in morning trading in Madrid.