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Inditex: share up on a solid Q1

( - Inditex, the parent company of fashion retailer Zara, on Wednesday reported a solid operating performance for Q1 and better-than-expected sales for the start of its spring-summer season.

Europe's leading clothing retailer said that sales rose by 7.1% to E8.2bn in the three months to the end of April, including growth of 10.6% at constant exchange rates.

Ebitda rose by 8% to E2.4bn, giving net profit that is up 10.8% at E1.3bn.

While these figures were broadly in line with market expectations, the group stressed that its spring-summer collections had been warmly welcomed by customers.

At constant exchange rates, sales between 1 May and 3 June were 12% up on the same period last year.

This suggests that the group has benefited from a catch-up effect after a particularly cool and rainy start to spring in southern Europe, RBC analysts say.

Inditex, which is proposing a dividend of E1.54 per share, is currently trading with a P/E of around 24x, in line with its historical average, the Canadian broker notes.

In any case, the market seemed to welcome these announcements, with the share price climbing by almost 5% on Wednesday morning on the London Stock Exchange.

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