Zara-owner Inditex's H1 gross margin eroded by strong euro

Madrid

INDITEX, the world's biggest clothing retailer and owner of the Zara brand, posted a 9 per cent rise in first-half profit but gross margin as a percentage of sales slipped from the year-ago period due to the stronger euro.

The Spanish company, which also owns teen brand Bershka and upmarket label Massimo Dutti, said net profit came in at 1.37 billion euros (S$2.21 billion), slightly missing forecasts, for its first half that ended on July 31.