Inditex Nine-Month Net Profit Up, Backs Full-Year View

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   By Cristina Roca

Spain's Inditex (ITX.MC) on Wednesday reported a rise in net profit and sales for the first nine months of its current fiscal year, and backed its full-year view.

The owner of Zara said net profit for the first nine months of its year ending Jan. 31 was 2.72 billion euros ($3.01 billion), up from EUR2.44 billion a year earlier.

Sales for the period were EUR19.82 billion, up from EUR18.44 billion, the Spanish fashion retailer said. In local currencies, sales grew 7%, Inditex said.

Gross margin expanded to 58.2% from 58% the previous year, said Inditex, which also owns the Pull & Bear, Massimo Dutti, and Bershka labels.

The company didn't comment on trading during the start of its fourth fiscal quarter, but backed its guidance for like-for-like sales growth of 4%-6% for the fiscal year.

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

(END) Dow Jones Newswires

December 11, 2019 02:42 ET (07:42 GMT)