Spanish clothes retailer Cortefiel yesterday reported a 72 per cent fall in first-quarter net profit, blaming on weak spring sales and provisions for the sale or closure of its e-commerce venture Viaplus Networks.

Net profit was 2.5 million euros in the first quarter ended 31 May.
Cortefiel said sales rose five per cent to 168.6 million euros in the first quarter, but costs rose more sharply to leave earnings before interest, taxation, depreciation and amortisation down 18.4 per cent at 18.0 million euros.