Spain's Inditex posts profit rise
The largest clothing retailer in Europe posted a nine-month net profit of EUR 843 million.MADRID – Europe's largest clothing retailer, Spain's Inditex which owns the Zara chain of shops, posted a nine-month net profit of EUR 843 million Thursday, a 2.0-percent increase over the same period last year.
Despite the global economic slowdown, sales in the nine months to end-October rose 11 percent during the period to EUR 7.35 billion due in part to the rapid expansion of its chains, which include Bershka and Massimo Dutti.
Inditex opened 456 new stores during the period, compared to 411 during the same time last year, the company said in a regulatory filing. It now has 4,147 stores in 71 countries and employs 86,688 people, it added.
Sales in the first six weeks of the fourth quarter "show similar growth patterns" to the third quarter, the company said, without offering more details.
Inditex, controlled by Amancio Ortega, the richest man in Spain, gets about 35 percent of its sales in Spain, which is facing its first recession in over a decade as its property boom comes to an abrupt end.
[AFP / Expatica]