Sales up 11 at local currencies from Feb. 1 to March 11
Shares jump 3.4 to record high
Annual net profit up 30 to 5.4 bln euros, as expected

MADRID, March 13 Reuters Zaraowner Inditex39;s sales jumped 11 at constant currencies in the first half of its spring season, boosted by upmarket fashions and continuing the strong momentum that saw its 2023 sales growth top that of rival HM.

Shares in the world39;s biggest fashion retailer rose as much as 4.4 to a record high in early Wednesday trade after it reported the figures for Feb. 1 to March 11.

The Spanish group has widened its lead over Sweden39;s HM thanks to its ability to deliver trends faster from nearby suppliers and sell more clothes at higher prices. That has also helped it counter fastgrowing Chinese rival Shein.

In January, HM reported a 4 drop in December and January sales, a bad sign for the key Christmas shopping period. German online fashion retailer Zalando on Wednesday reported a fullyear decline in sales.

Inditex39;s sales rose 10 to a record 36 billion euros 39 billion in the year to January 2024.

SALES GROWTH SLOWS

The company39;s results were in line with analysts39; expectations but its sales are growing more slowly than a year earlier, as the pace of price increases has moderated. In the first half of spring 2023, its sales rose 13.5.

Inditex posted an annual net profit of 5.4 billion euros, up 30 on the year and in line with analysts39; expectations in an LSEG poll, as the company…