By  on June 10, 2009

Inditex SA, Europe’s largest fashion retailer and the owner of cheap-chic brand Zara, reported a 16 percent drop in first-quarter net income despite rising sales, as it was hit by a slowdown in its more mature European markets, especially Spain.

But the Spanish group, which operates six retail chains in addition to flagship brand Zara, shrugged off the profit slump in the quarter, saying it’s forging ahead with planned store openings and investments in 2009.

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