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Byline: JOELLE DIDERICH
Profits Up at Inditex, Currency Impacts H&M Sales
Financial data published by European retailers Inditex SA and Hennes & Mauritz AB underlined the volatility fast-fashion players face as they juggle geographical growth opportunities with increased pressure on their margins.
Spain's Inditex, the owner of the Zara retail chain, said net profits rose 10 percent in its fiscal first quarter as it continued its worldwide expansion with 110 openings in 29 countries for its various brands. The firm also revealed plans to bring online sales for Zara to the United States and Japan by the end of the year.
"We continue to identify significant opportunities for global expansion," first deputy chairman and chief executive officer Pablo Isla said in a conference call.