Money: Zara owner Inditex reports strong first-half sales growth - PressFrom - United Kingdom
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MoneyZara owner Inditex reports strong first-half sales growth

10:30  11 september  2019
10:30  11 september  2019 Source:   reuters.com

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The world's two top fashion retailers Zara owner Inditex and Hennes & Mauritz reported strong sales growth on Wednesday, benefiting from a recovery in Inditex , whose brands also include upmarket Massimo Dutti and teen label Stradivarius, said sales rose 11 percent in local currencies between Feb.

Inditex 's first -quarter sales rose 4.3 percent to 3.75 billion euros. While its gross profit margin slipped to 58.9 percent from 59.6 percent a year ago, that Over a third of Inditex 's sales are made outside Europe and currencies such as the Japanese yen, Turkish lira and Russian rouble have lost between

Zara owner Inditex reports strong first-half sales growth © Reuters/SIMON DAWSON Shoppers walk past a Zara Store on Oxford Street in London

The world's biggest fashion retailer, Inditex , reported strong first-half sales growth on Wednesday, buoyed by good summer weather in Europe, while confirming its sales targets for the full year. The owner of Zara is one of the few bright spots in a struggling clothing market, with sales growth outpacing that of rivals such as Sweden's H&M as it adapts to consumers' changing shopping habits by combining large stores with online sales. Shares have risen 28% in so far this year.

Zara owner Inditex reports strong first-half sales growth © Getty

Sales - in stores and online - increased 8% in the first five weeks of the new financial period. Inditex, which also owns brands Massimo Dutti and Bershka, reiterated its full-year sales growth forecast of 4% to 6%.

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^ a b " Zara Owner Inditex Sees Profits Jump as Sales Soar". " Zara - Owner Inditex to Trim Investment After Strong Sales ". " Zara owner Inditex to sell all its brands online by 2020". U.S. Retrieved 5 September 2018.

Inditex , the world's biggest clothing retailer and owner of fashion brand Zara A strong euro can act as a drag on profitability for Inditex , the owner of upmarket chain Massimo Dutti and underwear store Oysho. The group, controlled by founder Amancio Ortega, generates more than half of its sales in

The Spanish retailer reported net profit of 1.55 billion euros (1.39 billion pounds) for the six months from Feb. 1 to July 31, on sales up 7% at 12.82 billion euros, in line with analysts' expectations.

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The clothing retail sector is suffering globally in a crowded market where savvy shoppers searching for bargains online has made price cuts rife. E-commerce giant Amazon has become the most-shopped clothing retailer in the United States, measured by the number of customers, according to Coresight Research.

Inditex has shut smaller stores, focusing on large spaces in prime shopping areas, which it combines with online sales via its web page and mobile phone app while tight control of its inventory allows it to avoid drastic discounting.

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But Inditex , the world’s largest fashion retailer by sales , has continued to report double-digit sales growth , retaining its crown as the darling The Spanish owner of brands such as Zara and Massimo Dutti on Wednesday posted strong first -quarter profit and revenue growth across all its major regions.

First -quarter sales grew 4.3 percent to 3.75 billion euros (.11 billion). Net profit fell 7.3 percent to 406 million euros, the biggest decline in five years due to Inditex is benefiting from the start of a recovery in its home market Spain where it still makes about one fifth of sales . Spanish retail sales rose 0.7

Zara will launch online sales in South Africa, Colombia, the Philippines and Ukraine in September and October, the company said, while merging the online operations of Zara and Zara Home from Sept. 17 in Britain as part of a previously-announced plan to integrate the two.

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Wage growth at highest level since mid-2008 but hiring slows.
Pay rose at its fastest level for more than 11 years over the three months to July, according to the latest employment figures. The data from the Office for National Statistics (ONS) showed the annual rate of wage growth at 4% - an increase on the 3.8% rate reported last month. But when the effects of bonuses were stripped out, the figure fell back to 3.8% from 3.9%. It represents the 18th month in a row that wages have outstripped the pace of inflation - bolstering consumer spending power.

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