LONDON: Zara owner Inditex said sales grew 10.6% in constant currency over the start of its fourth quarter, beating analysts' expectations for the November period that includes the crucial Black Friday sales.
The $178 billion fast fashion giant also reported on Wednesday sales of 9.8 billion euros ($11.41 billion) for its third quarter ending October 31, higher than the 9.69 billion euros expected by analysts according to an LSEG estimate.
The results from Inditex, seen as a bellwether for the global fast fashion sector, provide a first glimpse into how successful the key Black Friday sales weekend was for retailers.
The strong sales growth in the period from November 1 to December 1 compared to a year ago marked an acceleration from the nine-month currency-adjusted growth rate of 6.2%, an encouraging sign for the fourth quarter, its biggest in terms of revenues. - Reuters
