Spanish fashion group Inditex experienced a strong first quarter, with a 14 % turnover increase to 5.569 billion euro and an 18 % profit increase to 654 million euro.
A lot of new initiatives
An expansion of its commercial activities in both current and new markets was part of its progress, according to the Zara and Massimo Dutti owner. At the end of April, Inditex was present in 93 countries with 7,385 stores.
A range of new store formulas is what sets its portfolio apart this year. Zara built a new 6,000 sqm, 4-floor flagship store in Madrid and another one in Mumbai. Massimo Dutti received one in Moscow, Zara Home in Zurich, Uterquë in Barcelona, Pull&Bear in Paris and Oysho one in Turin.
The company also expanded its online reach, with web shops in Thailand, Malaysia, Singapore and Vietnam. India will also welcome a new web shop later this year.
Everything is focused on the second quarter now, because the growth pace slowed down over the last few weeks. Inditex’ new fiscal year started on 1 February and until 3 June, the growth rate reached 12 % (at level exchange rates). Over the course of the first quarter, turnover grew 12.5 % at level exchange rates, which is slightly higher.