The Zara owner has released strong quarterly figures boosted by favourable market momentum. Q1 sales were up 12.5% in local currencies to €5,569m. Favourable forex moves raised the reported growth to 14.1% and the gross margin to 58.2% (+10bp). The gross profit edged up 14.3% to €3,240m. Tight management of costs has underpinned the margins. The EBITDA margin has strengthened by 40bp to 20% and EBITDA came to €1,113m (+17%). The operating profit was up 18% to €834m, i.e. a
