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Spain's Inditex sees Q1 profit up 28 percent as sales soar in Zara, other stores

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MADRID — Spanish clothes retailer Inditex, owner of the Zara store chain, says its net profit rose by 28 percent in the first quarter following a boost in sales.

The company said Wednesday that profit for February through April rose to 521 million euros ($586 million) compared with 406 million euros for the same period last year.

It said sales jumped 17 percent to 4.37 billion euros.

Inditex says it has opened 63 stores over the period, for a total of 6,746.

Founded in 1975 by Amancio Ortega, Inditex operates eight brands including Massimo Dutti, Bershka and Oysho.

The company's shares were down 0.4 percent at 29.89 euros in morning trading in Madrid.

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