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Fair weather for Inditex as profits beat forecasts

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Fair weather for Inditex as profits beat forecasts

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Fashion is flying off the shelves at Inditex, the Zara owner posting a better-than-expected quarterly profit up 28% to 521 million euros.

Inditex locally sources more than any of its major competitors like H&M, benefiting from a weaker euro making its exports cheaper, and the model allows it to respond to climatic snaps; summer designs rushed to take advantage of a Spanish heatwave, while northern Europeans buttoned up in a cold snap.

Gross margin rose to 59.3%, and the world’s largest clothes retailer says early figures for the current quarter look strong.