Inditex, the world’s biggest clothes retailer and owner of Zara, has reported a slowdown in sales growth in its third quarter as Europe’s warm autumn kept shoppers away, though it pointed to a brighter end of the year.

Inditex, the world’s biggest clothes retailer and owner of Zara, reported a 9% rise in first-half profit, but its gross margin, as a percentage of sales, slipped, because of a stronger euro.

The profitability of Zara owner Inditex shrank to an eight-year low as the world’s largest clothing retailer was confronted with adverse currency swings, higher garment costs and increasing competition.

Pre-tax profits at the Irish arm of high street brand, Zara, last year increased by 33% to €4.79m.

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Spain’s Inditex, owner of clothing retailer Zara, yesterday reported better-than-expected quarterly profits, as its global fast-fashion business model allowed it to keep pace with local economic and fashion trends.