Belfast Telegraph

Zara-owner Inditex buoyed by rise in sales and profits

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

The Spanish retailer notched up revenues of 16.4 billion euro (£13.7 billion) during the period, resulting in a 9% rise in net profits to 2.2 billion euro (£1.8 billion).

Tom Gadsby, analyst at Liberum, said: "Encouragingly, trading at the start of the fourth quarter has improved further, while new space and online launches are progressing as planned.

"Few other major clothing retailers can match the mid teens percentage sales growth that Inditex has achieved in difficult global markets this year while the company's clear focus on achieving full price sales underpins high, and stable margins."

Inditex, the world's biggest clothing retailer and also the owner of Massimo Dutti and Bershka, opened its first store in Vietnam's Ho Chi Minh City in September and made its debut in Auckland, New Zealand, in October.

The group now operates 7,240 stores in 93 markets.