Zara-owner beat expectations in Q1 earnings with operating profit up 43%

It comes as Inditex SA considers setting up a fund to back environmental start ups

The group has closed less profitable boutiques, with the total falling by over 17 per cent since 2019, not including 515 stores it shut in Russia last year. Picture: Getty

Inditex SA’s first-quarter earnings beat analysts’ expectations, thanks to more efficient stores and as hard-pressed shoppers still accepted price increases.

Operating profit rose 43 per cent to €1.48 billion ($1.6 billion), the Arteixo, Spain-based textile maker said Wednesday. Analysts expected €1.35 billion.

It comes as the retailer is considering setting up a fund to back start ups and technologies that could help improve the firm’s environmental impact.

Inditex has been managing to increase sales with ...