Trending: Inditex Sales Growth Sends Shares Higher
0940 GMT - Inditex is among the most mentioned companies across news items over the past 12 hours, according to Factiva data. The Spanish fashion retailer behind brands such as Zara and Massimo Dutti reported strong sales growth of 12% in the first five weeks of its second quarter. Analysts pointed to improving weather in southern Europe--after a cool and rainy start to spring--as the likely source of increased customer purchasing, while the company noted continuing success of its spring/summer collections. Shares rose as much as 5.4% Wednesday morning. "Inditex continues to power ahead with strong top line sales, strong exit rates for spring/summer and profits accelerating faster than sales," Bernstein analysts said in a note. Sales and earnings in the company's first quarter that runs to April 30 were broadly in line with FactSet forecasts. Dow Jones & Co. owns Factiva. (dominic.chopping@wsj.com.)
(END) Dow Jones Newswires
June 05, 2024 05:55 ET (09:55 GMT)
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