Inditex revenue growth rises

GENEVA: Inditex SA, Europe's largest clothing retailer, said revenue growth improved in the early weeks of the second quarter as consumer confidence climbed to a 13-month high in its home market of Spain.

Store sales rose 9 percent from May 1 to June 7, excluding currency fluctuations, the Arteixo, Spain-based owner of the Zara chain said yesterday. Net sales growth was 8 percent in the first quarter at local exchange rates, while net income fell 16 percent to 184 million euros ($259 million), Inditex also said. The shares advanced to the highest in more than a year.

Spanish consumer confidence rose for a third consecutive month in May as registered unemployment declined for the first time in more than a year, according to official data. Inditex gets more than a third of revenue from Spain, where the jobless rate is still the highest in the European Union. The retailer is increasing market share globally, Chief Executive Officer Pablo Isla said on a conference call yesterday.