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Zara owner Inditex has reported a continued slowdown in sales growth with revenue rising 1.5 per cent from a year earlier in the past quarter and falling short of market expectations.
The Spanish group on Wednesday said that, once adjusted for currency fluctuations, sales were up 4.2 per cent in the three months to the end of April, hitting €8.3bn. Analysts had expected growth of 5.3 per cent.
The world’s largest fashion retailer by market value has consistently outperformed its rivals since the pandemic but has disappointed investors over the past two quarters as its sales growth lost momentum.
Net income in the past three months increased 0.8 per cent to €1.3bn.