Inditex: shares edge higher after nine-month results.
(CercleFinance.com) - Inditex, the owner of Zara stores, the world's largest clothing company, posted nine-month results that were in line with estimates on Wednesday, with the shares actually rising as result.
Net profit came in up 6% at 2.3 billion euros in the first nine months of 2017, while sales rose 10% to close to 18 billion euros.
The retailer - which runs brands such as Bershka, Massimo Dutti or Pull&Bear - said like-for-like sales growth remained "strong," without specifying numbers.
However, analysts at Bryan Garnier estimate that implied like-for-like growth slowed to 4% in the third quarter, from +5% in second-quarter, due to "tough trading conditions in October."
The broker cites unfavourable weather conditions across Europe, in addition to the Catalonia crisis, which have seemed to have negatively impacted the Spanish clothing market, in addition to natural disasters in the US and Mexico.
Madrid-listed Inditex shares are currently up 3% at 31.7 euros after this report.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
Net profit came in up 6% at 2.3 billion euros in the first nine months of 2017, while sales rose 10% to close to 18 billion euros.
The retailer - which runs brands such as Bershka, Massimo Dutti or Pull&Bear - said like-for-like sales growth remained "strong," without specifying numbers.
However, analysts at Bryan Garnier estimate that implied like-for-like growth slowed to 4% in the third quarter, from +5% in second-quarter, due to "tough trading conditions in October."
The broker cites unfavourable weather conditions across Europe, in addition to the Catalonia crisis, which have seemed to have negatively impacted the Spanish clothing market, in addition to natural disasters in the US and Mexico.
Madrid-listed Inditex shares are currently up 3% at 31.7 euros after this report.
Copyright (c) 2017 CercleFinance.com. All rights reserved.