Business and Economy
Zara store owner sees solid profit growth in H1
ZARA Logo (Photo: ZARA/Facebook)
MADRID — Spanish fashion retailer Inditex, which owns the Zara stores, says its net profit jumped by 9 per cent in the first half of its fiscal year, following strong growth in online and in-store sales.
The world’s largest clothes retailer said Wednesday that net profit for February through July rose to 1.37 billion euros ($1.64 billion) compared with 1.26 billion euros for the period last year.
It said sales rose 12 per cent to 11.7 billion euros.
Inditex said all its store brands registered growth in the period.
Founded in 1975 by Amancio Ortega, Inditex operates eight brands including Massimo Dutti, Bershka and Pull & Bear. It has 7,405 stores worldwide.
Inditex shares were down 2.5 per cent at 32 euros in early trading in Madrid.
