Inditex shares (BME:ITX) fell on Wednesday after the clothing company profit results fell behind market expectations.
Inditex, which owns high street giant Zara, posted pre-tax earnings of €1.29 billion (£1.16 billion) for q3. This proved 4% behind analyst expectations.
The group reported net profit of 2.4 billion euros ($2.7 billion) for the first nine months of its financial year, up 4 percent on the year, meeting its own guidance.
Pablo Isla, the group’s chief executive, said the group had a “strong business model, which continues to deliver solid structural growth in all markets, along with our constant focus on developing the integrated store and online platform through continued enhancement of technology and systems”
Inditex, was founded by Amancio Ortega, Spain’s richest man. Alongside Zara, its brands include Massimo Dutti, Pull & Bear, Oysho and Bershka.
Shares in Inditex are currently trading 4.14% as of 14:30PM (GMT).
Elsewhere in retail, Superdry (LON:SDRY) reported a disappointing set of results on Wednesday, sending shares lower.
Half-year profits fell 49% marking a difficult period for the British clothing brand.
The Cheltenham-based retailer blamed warmer weather on the fall in profits, with its usually popular items such as coats and jumpers shifting less units.