MADRID, June 5 Reuters Zara owner Inditex grew its sales by 7 in the first quarter of its fiscal year, it said on Wednesday, in line with analysts39; expectations.

The performance represented a slowdown from a year ago when it benefited from a postpandemic shopping spree.

Inditex, which also owns PullBear, Massimo Dutti and other brands, is attempting to fend off intense competition from rivals such as HM by chasing and delivering fashion trends faster.

The company has outperformed competitors in recent quarters benefiting from investments in new instore and online experiences. It is also facing stiff competition from rapidly growing Chineseowned online retailers Shein and Temu.

The world39;s largest listed fashion retailer reported 8.15 billion euros 8.87 billion in sales during the three months to April. That compared to an average analyst forecast of 8.1 billion euros, according to an LSEG poll.

Net profit rose 11 to 1.29 billion euros 1.40 billion in the three months to April, in line with the 1.3 billion euro average forecast by analysts, according to the LSEG poll. In the first quarter of last year, the company reported a 54 rise in profits.

Sales at constant currencies rose 12 from May 1 to June 3, Inditex said.

1 0.9192 euros

Reporting by Corina Pons, editing by Inti Landauro

Source Reuters