Zara owner Inditex profit falls short of estimates [Reuters]
SOCIETE GENL FRNCE S/ADR (SCGLY)
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Source: Reuters
Zara owner Inditex profit falls short of estimates | Reuters 3 Min Read MADRID (Reuters) - Zara owner Inditex ( ITX.MC ) reported third-quarter profit below analysts’ expectations on Wednesday due to currency effects, but the world’s largest clothing retailer, maintained sales and margin guidance for the rest of the year. Inditex, which also owns upmarket label Massimo Dutti and teen brand Bershka, reported earnings before interest and tax (EBIT) of 3.07 billion euros ($3.5 billion), up 3 percent on the year-ago period. The growth would have been 14 percent at constant exchange rates, the company said. Its shares slipped 4.5 percent in initial trading. Inditex, with stores from China to Russia, is highly sensitive to exchange rates. Controlled by founder Amancio Ortega, the group generates more than half of its sales in currencies other than the euro and then books those sales in euros when reporting results. However, its centralized sourcing and distribution model means a large chu
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