Zara-owner Inditex Q1 profit beats forecasts as sale boon continues

Inditex, the parent company of Zara, reported a 16% increase in sales of its spring-summer collection for the past month, indicating its strong performance in the face of cost pressures and the loss of business in Russia. The company’s Q1 profit rose by 54%, reaching €1.2bn ($1.24bn), and resulting in the marketplace value exceeding €100bn ($107bn) for the first time. Meanwhile, the company intends to open another 30 stores within two years in the US. The solid results show the company has successfully addressed the challenges of maintaining competitive prices in a difficult environment.