Zara owner profits up on sales surge

Inditex, owner of clothing retailers including Zara and Massimo Dutti, reported a 28% rise in net profit for the first quarter of 2015, after a surge in sales.

The Spanish company posted a profit of €521m (£383m) between February and April, up from €406m (£298m) over the same period last year.

Inditex opened 63 new stores over the period, bringing its total to 6,746.

It also said sales rose 17% to €4.37bn (£3.2bn).

Shares in the company were down 0.4% in morning trading in Madrid.

Graham Renwick, an analyst at Exane BNP Paribas, said: "Inditex have returned to premium growth in style. Whilst largely expected, confirmation is comforting.

"This momentum - and the ongoing top-line momentum into 2Q [second quarter] - bodes well for the year ahead, but looks to have been largely captured in consensus forecasts, which are likely to rise only modestly today."

Inditex, which also owns Pull & Bear and Bershka, said the expansion of Zara Home - its home goods range - was a "particular highlight" of the first quarter.