Zara owner, Spanish fashion giant Inditex, shakes off chill with strong second quarter start
MADRID - Zara owner Inditex bounced back from a weak start to 2019, when unseasonably cold weather in southern Europe stifled sales for the Spanish fashion group, with a strong performance in the first weeks of the second quarter.
Shares in the Spanish group rose 1.1% to trade at 25.57 euros , whereas Boohoo’s fell, despite the online British fashion retailer reporting robust sales, as lower margins disappointed investors. Sales at constant exchange rates for the first six weeks of the second quarter were up 9.5% as shoppers snapped up items like jewel-toned blazers and long printed dresses from Zara’s spring collections.
Inditex generates more than half of its sales in other currencies that have to be converted back into euros when it reports. Those currencies have strengthened slightly against the euro compared to a year ago, on average, helping reported sales.
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