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Inditex: nine-month net profit beats forecasts

(CercleFinance.com) - Spain's Inditex has reported a 12% rise in net profit over the first nine months of its financial year, beating analysts' forecasts, as Europe's biggest clothing retailer benefited from the expansion of Zara's online footprint.

Nine-month sales rose by 7.5% to 19.8 billion euros, the fashion giant said, giving net profit of 2.72 billion euros for the period from 1 February to 31 October, above the consensus.

Inditex - whose other brands include youth label Bershka and homewares store Zara Home - said that its gross margin reached 58.2%, up 21 basis points.

Sales growth has been driven by customers warmly welcoming its collections, it said. Inditex ended October with 7,486 stores.

Finally, the company has agreed to appoint Anne Lange - a former executive at US network gear maker Cisco - as a director on its board.

The shares were up 0.9% in Madrid after all these announcements.

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