Zara owner sees 42 percent increase in earnings
Spain's Inditex, the world's biggest clothing retailer, said Wednesday its net earnings rose 42 percent during the first nine months of this year as it expanded aggressively abroad, especially in Asia.
The Zara-owner reported net profit for the nine months of 1.18 billion euros (1.76 billion dollars), up from 831 million euros during the same time last year, in line with forecasts of analysts polled by Dow Jones Newswires.
Inditex, whose other brands include youth label Bershka and the upmarket Massimo Dutti, posted sales of 8.87 billion euros, up 14 percent.
Despite the strong showing, the fell 3.71 percent to 60.14 euros at 0940 GMT, while the IBEX-35 was down 1.65 percent.
Inditex opened 300 additional stores during the first nine months of 2010, including 42 in China, as it brought its worldwide total to 4,907 shops in 77 countries.
© 2010 AFP