Page last updated at 08:50 GMT, Wednesday, 10 June 2009 09:50 UK

Zara owner's net profit down 15%

Zara store
Inditex has 4,000 stores in 73 countries

Inditex, the parent of the Zara fashion chain, has reported a 15% fall in net profits for the three months to 30 April from the same period last year.

The Spanish retail said net profits fell to 184m euros ($260m; £158m). Sales rose 2.3bn euros to 5.4%.

Inditex, which also owns Massimo Dutti and Bershka, opened 95 new stores during the quarter, compared with 145 stores in the same period last year.

Inditex has 4,000 stores in 73 nations, but a third of its sales are in Spain.

Spain is going through one of most severe recessions in Western Europe.

The retailer said it maintained its forecasts for 2009.

Inditex, which has been expanding in fast-growing economies including China and Russia, said earlier this year that it expects to open between 370 and 450 stores in 2009.

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