Zara owner Inditex sees surge in profits as sales rise

MADRID: Spanish global clothing giant Inditex, owner of the Zara brand, Wednesday reported a 28 percent surge in quarterly profits thanks to rising sales.

The first quarter net profit of 521 million euros ($589 million) was better than expected by analysts quoted by financial data firm Factset, who had forecast 510 million euros in profit.

The group, which rivals with Sweden's H&M (Hennes&Mauritz) for the world's top slot in the sector, saw net sales rise 17 percent in the same period to 4.37 billion euros.

Inditex owns 6,746 stores in 88 countries.

Europe accounts for around two thirds of Inditex's sales but it is expanding worldwide.