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Zara owner Inditex boosts profitability despite strong euro

Reuters  |  MADRID 

By Sonya DowsettMADRID (Reuters) - Inditex, the world's biggest clothing retailer and owner of fashion brand Zara, reported improved profitability on Wednesday for the first three months of its financial year despite the dampening impact of a strong euro.However, sales in the first quarter were weighed down by negative currency effects and unseasonably cold weather in Europe meaning the quarterly growth rate was a mere 2 percent, lower than rates booked during the financial crisis.Sales for the first six weeks of the second quarter were more robust, up 9 percent in local currencies, as ...

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First Published: Wed, June 13 2018. 20:18 IST