The net sales of the Inditex Group totalled 2,960 million euros in the first quarter 2011 (1 February to 30 April), 11% higher year-on-year. Sales growth in local currencies was 11%.
Net income reached 332 million euros, 10% more than in the first quarter of 2010. Gross profit rose 9% to 1,741 million euros, and the gross margin has reached 58.8% of sales.
Inditex opened 110 stores during the quarter, bringing the total store base to 5,154 at 30 April 2011. The new stores were opened in 29 different countries, providing a snapshot of the global growth potential of the Inditex Group's retail concepts.
The new stores include Zara's first store in Australia, increasing the number of countries where Inditex sells its products to 78. On June 15, the Group opened its second Australian store in Melbourne. Inditex also plans to inaugurate its first stores in South Africa, Taiwan and Peru before the end of the year.
Start of 2Q2011 Store sales in local currencies between 1 February and 12 June 2011 increased by 11%.
Inditex concepts launch their online sales Pull and Bear, Massimo Dutti, Bershka, Stradivarius, Oysho and Uterqüe plan to commence e-commerce operations from 6 September in selected European markets, joining Zara Home and Zara, already present in e-commerce.
Zara will begin e-commerce sales in US E-commerce operations of Zara, currently present in 16 European countries, will begin in the US from 7 September 2011.
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