• Net income increased 1.3% to EUR438m
  • Sales grew 5.2% to EUR3.6bn
  • Gross margin fell to 59.6% from 60.2% 

Spanish retail group Inditex saw profit growth slow during the first quarter, as cold weather in Europe slowed growth.

The company, which owns the Zara brand, said that net income increased by 1.3% to EUR438m (US$581.9m) over the quarter ended 30 April, as sales increased 5.2% to reach EUR3.6bn. Gross margin declined over the period to 59.6% from 60.2% in the same period of the prior year.

Over the quarter, the company has focused on international expansion, with 49 store openings in 30 different countries, ending the quarter with 6,058 stores in 86 markets.

It also launched online sales in Canada during April, and plans to launch the platform in Russia during Autumn.

Between 1 May and 7 June, sales in local currencies increased 8%.