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Zara owner posts £1bn profits after 8% rise

By Ravender Sembhy

Published 22/09/2016

Inditex, the owner of Zara, notched up sales of €10.47bn (£8.9bn) during the period, resulting in an 8% rise in net profits to $1.26bn (£1bn).
Inditex, the owner of Zara, notched up sales of €10.47bn (£8.9bn) during the period, resulting in an 8% rise in net profits to $1.26bn (£1bn).

Inditex, the owner of Zara, has seen sales rise 11% in the first half of the year as the company remained firmly in fashion with shoppers.

The Spanish retailer notched up sales of €10.47bn (£8.9bn) during the period, resulting in an 8% rise in net profits to $1.26bn (£1bn).

Chairman and chief executive Pablo Isla hailed the firm's integrated business model.

He said: "Both our online and bricks-and-mortar stores are seamlessly connected, driven by platforms such as mobile payment, and other technological initiatives that we will continue to develop."

Inditex, the world's biggest clothing retailer and also the owner of Stradivarius, Massimo Dutti and Bershka, opened 83 new stores during the period, taking its total to 7,096.

Its new openings in the first half included its first Stradivarius store for Northern Ireland - on Belfast's Donegall Place. The company also owns a Zara in the same location, and a Pull & Bear in Victoria Square.

The retailer also flagged the launch of Zara in Vietnam in the third quarter, meaning it now has a presence in 92 countries.

Inditex added that, over the past 12 months, it has created almost 10,000 new jobs.

Belfast Telegraph

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