Sales still smart at Zara owner Inditex

The Spanish owner of fashion chain Zara bucked the crisis in its domestic market yesterday by posting a 30 per cent jump in quarterly profits.

Inditex, the world's largest clothes retailer by market value, added another 91 stores in the three months to 30 April. The group behind high street names such as Pull & Bear and Massimo Dutti reported net income of €432m (£348m) after sales lifted 15 per cent to €3.4bn.

It added that sales have continued their double-digit ascent in the second quarter so far, up 14 per cent in local currencies since February 1.

Inditex now has 5,618 stores and is only reliant on about 25% of sales within ailing Spain after growing its overseas and online operations.