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8 months ago
Inditex 9-month profit up 9 percent, in line with forecasts
December 14, 2016 / 6:21 AM / 8 months ago

Inditex 9-month profit up 9 percent, in line with forecasts

MADRID, Dec 14 (Reuters) - Inditex, the world's biggest clothing retailer and owner of Zara, on Wednesday reported a 9 percent rise in 9-month profit from a year ago, as sales continued to accelerate despite a warmer-than-usual autumn in many European countries.

Inditex's net profit was 2.2 billion euros ($2.3 billion) for the 9 months from February to October, in line with a Reuters polled forecast.

As its fashion peers struggle to adapt to changing consumer tastes, with Abercrombie & Fitch and Gap posting bleak fourth-quarter sales last month, Inditex's "fast-fashion" business and online prowess have kept it ahead.

Its core profit, or earnings before interest, tax, depreciation and amortisation (EBITDA), was 3.6 billion euros, also in line with a Reuters poll of analysts. ($1 = 0.9395 euros) (Reporting by Angus Berwick; Editing by Paul Day)

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