By Daniel Hunter

The owner of fashion retailer Zara has reported a 28% rise in profits for the first quarter, after sales rose 17%.

Inditex profits were up to €521 million (£383m), up from €406m in the same period last year. Sales were up €4.37bn (£3.2bn).

The company opened 63 new stores during the quarter, taking its total to 6,746.

Despite the positive results, shares were down slightly at 0.4% in Madrid.