Fears of resurgent inflation and an economic slowdown triggered by tariffs have already dampened consumers’ enthusiasm for shopping in the US and elsewhere.

Inditex reported a slower start to its summer sales, with currency-adjusted revenue growth of 6% from May 1 to June 9, compared to analysts’ expectations of 7.3%, and down from 12% growth in the same period a year ago.

Revenues for its Q1 ending April 30 were €8.27 billion (US$9.44 billion), missing analysts’ average estimate of €8.36 billion, according to an LSEG poll.

Net income increased 0.8% in the quarter, to €1.23 billion.

Inditex did not provide a reason for the weaker sales growth.

In a statement, it called its performance “solid”, having labelled it “very robust” at its last results announcement in March, when annual sales were up 10.5%.

Rainy weather in Spain, which accounts for 15% of Inditex’s global sales, has also likely hurt its performance, according to Bernstein analysts.

With volatility in foreign exchange markets driven by trade risks, Inditex said currency fluctuations will have a bigger impact than previously expected, predicting a 3% negative effect on its 2025 sales, compared with the 1% it flagged in March.