•   
  •   

MoneyZara owner Inditex shakes off currency drag to post strong profit growth

16:20  12 june  2019
16:20  12 june  2019 Source:   reuters.com

British Gas owner to cut 700 jobs amid 'growing challenges'

British Gas owner to cut 700 jobs amid 'growing challenges' British Gas owner Centrica plans to cut around 700 management and back office jobs under previously announced reductions, as it faces "growing challenges." The company said staff had been told about the cuts, which were part of its "ongoing transformation." Centrica originally announced last year that it would shed 4,000 jobs by 2020, following a big fall in operating profits. In February the group said that it was chasing savings of £1.25bn per year by 2020.

FILE PHOTO: The logo of a Zara store, an Inditex brand, is seen in central Madrid, Spain, December 13, 2017. MADRID (Reuters) – Spanish fashion group Inditex reported a 10% rise in first-quarter profit on Wednesday, as foreign currency effects moved back into favour for the owner of Zara and

Inditex , owner of fashion chain Zara , shrugged off malaise affecting the broader apparel sector to post strong profit growth on The Spanish retail giant reported a net profit of 1.17 billion euros (.3 billion) for the third quarter - slightly above analysts’ expectations and up 14% from the year-ago period.

Zara owner Inditex shakes off currency drag to post strong profit growth © Reuters/Susana Vera FILE PHOTO: The logo of a Zara store, an Inditex brand, is seen in central Madrid

Spanish fashion group Inditex reported a 10% rise in first-quarter profit on Wednesday, as foreign currency effects moved back into favour for the owner of Zara and Massimo Dutti after two years of nibbling away at margins.

However, sales growth at the world's biggest clothing retailer was lower than analysts expected during the quarter due to adverse weather conditions in the latter part of the period when it was wet and cold across much of southern Europe.

The world's biggest clothing retailer reported net profit of 734 million euros (£654 million) for the three months from Feb. 1 to April. 30, on sales up 5% at 5.93 billion euros.

Owner of three £80m London homes asked to explain wealth

Owner of three £80m London homes asked to explain wealth Investigators are using so-called "McMafia" laws to force the owner of three London properties worth £80m to explain the source of their wealth. The National Crime Agency (NCA) confirmed it is investigating whether the prime location properties, held by offshore companies, were paid for with dirty money. While the inquiry takes place, freezing orders have been put in place to stop the properties being sold, transferred or dissipated.

MADRID, Spain — Inditex , owner of fashion chain Zara , shrugged off malaise affecting the broader apparel sector to post strong profit growth on Wednesday and forecast full-year same-store sales of up to 6 percent. At a time when fashion retailers are struggling to adapt to changing shopping habits

Zara owner Inditex bounced back from a weak start to 2019 Inditex , the world’s biggest clothing retailer and owner of Massimo Dutti, Bershka and Oysho reported net profit of 734 million euros for Inditex generates more than half of its sales in other currencies that have to be converted back into

Sales at constant exchange rates for the first six weeks of the second quarter were stronger, up 9.5% as shoppers snapped up items like jewel-toned blazers and long printed dresses from Zara's spring collections.

Inditex maintained its full-year guidance of 4-6% growth for like-for-like sales.

RBC Capital Markets estimated it had booked like-for-like currencies of around 6.5% during the first weeks of the second quarter, against around 2% in the first quarter.

Zara owner Inditex shakes off currency drag to post strong profit growth © Reuters/Brendan McDermid FILE PHOTO: People shop at a Zara store during the grand opening of The Hudson Yards development in New York Inditex generates over half of its sales in other currencies that have to be converted back into euros for the financial report. Those currencies have strengthened slightly against the euro compared to a year ago, on average, helping reported sales.

This Empty Lot Is Worth Millions. It’s Also an African-American Burial Ground.

This Empty Lot Is Worth Millions. It’s Also an African-American Burial Ground. The flier advertising a near-one-acre plot of land for sale in Elmhurst, Queens, looks like a typical real estate listing. The oddly-shaped parcel that abuts the Long Island Rail Road tracks is available for $13.8 million. According to the flier, the lot is a great opportunity to capitalize on the growing demand for residential space in the neighborhood. What is not mentioned is that the site is a historical African-American burial ground. As many as 300 men and women, many of whom were former slaves, could be buried there.

Inditex (ITX.MC), the world's biggest clothing retailer, reported strong sales growth for the first five weeks of its new financial year and said the pace of store openings would slow as part of a broader trend of sales moving online. Inditex will focus store openings on flagship sites in prime.

Spain’s Inditex said Wednesday that net profit in the first half grew, and that the company expects like-for-like Sales rose 7% to €12.82 billion, helped by growth in all brands and regions, the company said. 8 in local currencies . and estimates that LFL sales will grow by 4% to 6% in its full-year 2019.

Societe Generale and Credit Suisse estimated sales at Inditex were reduced 3.5% last year by this effect, moving to a positive effect this quarter.

Gross margin grew 6% on year to 59.5% in the quarter in which Inditex launched online sales for Zara in Brazil. Zara will launch online sales in a further eight markets in May, including Israel, Saudi Arabia and Indonesia.

Gallery: The humble beginnings of the world’s biggest businesses (Love Money)

Zara owner Inditex shakes off currency drag to post strong profit growth

With the adverse foreign exchange effects removed, Inditex is under pressure to show it can deliver strong like-for-like sales without the margin dilution that has affected others in the apparel sector, plagued by out-of-season sales as shoppers wait for discounts or hunt for bargains online.

"With less impact from foreign exchange, this will be an important year to prove the concept," said UBS in a research note.

MSN are empowering Women In Sport this summer. Find out more about our campaign and the charity fighting to promote the transformational and lifelong rewards of exercise for women and girls in the UK here.

Weaker UK economic growth figures hit sterling.
The FTSE 100 closed at 7,375.54.

usr: 3
This is interesting!