Adds CFO caution on May trading in paragraph 9, investor relations head on U.S. growth in paragraph 13-14, context on U.S. in paragraph 15

By Helen Reid

LONDON, June 3 (Reuters) - Zara owner Inditex ITX.MC reported a strong start to summer trading on Wednesday as currency-adjusted sales grew 11.5% in May, handily beating analyst expectations, even as Iran war inflation worries dent consumer confidence.

Inditex shares rose as much as 5% as the healthy sales growth reassured investors the fast fashion giant can weather the global turmoil as the company adapts its supply chain to navigate disruptions caused by the conflict.

Analysts had expected sales growth of 8% for May, the start of the company's second quarter. Inditex posted sales of €8.75 billion ($10.17 billion) over its February-to-April first quarter, up 8.8% in currency-adjusted terms.

"This performance is even more noteworthy when considered against the backdrop of the wider macroeconomic and geopolitical challenges seen in recent months," Gorka Garcia-Tapia Yturriaga, Inditex's investor relations director, said on a call with analysts.

Sales in the Middle East, where Inditex has stores operated by franchise partners, have been impacted, he added, without giving a specific figure.

IMPACT OF HIGH FUEL, TRANSPORTATION COSTS LIMITED SO FAR

Chief Financial Officer Andres Sanchez said Inditex has rapidly adapted its supply chain to ensure uninterrupted product flow to its stores globally despite disruptions to air and sea freight caused by the war, which broke out in late February.

"There is a lag effect between the transportation of goods and the impact on cost of goods sold, which means that the impact of the higher transport cost and fuel prices in the first quarter has so far been limited," he said.

Sanchez did, however, say the May sales figure should be taken with caution as it represented a four-week snapshot, shorter than the five-week period Inditex usually reports.

Inditex's profitability improved in the first quarter, with gross margin hitting 61.2% - up from 60.6% a year ago - in a sign the retailer has successfully protected profits despite higher raw material and freight costs.

ZARA SEES FURTHER GROWTH IN U.S.

Zara has invested in bigger stores on key shopping streets to draw in new customers while increasing prices, and has opened more locations in the United States, its second-biggest market by sales after its home market of Spain.

Inditex's sales have been growing in the U.S. and elsewhere broadly thanks to volume - the selling of more items - rather than simply due to price increases, Garcia-Tapia Yturriaga said.

"We still see more opportunities for growth because we do have a low market share (in the U.S.) ... The growth in that sense is in our hands, and it's not really dependent on the performance of the broader market," he said.

Inditex's optimism on the U.S. contrasts with weak forecasts issued by Gap GAP.N and American Eagle AEO.N last week that signalled pressure on U.S. shoppers' spending, which has become increasingly polarised with luxury sales up and lower-income households pulling back.

Last month, Zara launched a new clothing collection with Puerto Rican pop and reggaeton superstar Bad Bunny, who wore custom Zara outfits during his NFL Super Bowl halftime show in February.

Inditex stuck to a full-year outlook issued in March of a stable gross margin, a 5% increase in store space, and €2.3 billion in capital expenditure.

($1 = 0.8605 euros)