Zara owner Inditex
on Wednesday posted weaker-than-expected quarterly sales while flagging a slower start to the summer season than last year amid broader economic uncertainty.
The Spanish retailer reported revenues of 8.27 billion euros ($9.44 billion) in the fiscal first quarter covering Feb. 1 to April 30, slightly shy of the 8.39 billion euros forecast by LSEG analysts.
Net income came in at 1.3 billion euros for the quarter, compared to the 1.32 billion euros analysts estimated.
The company also reported a slower start to summer sales, which increased 6% at constant currencies from May 1 to June 9 versus 12% growth in the same period last year on a constant currency basis.
