Zara owner's profits climb 9% despite currency concerns
The owner of fashion chain Zara has notched up a hike in sales and profits despite suffering pressure on overseas earnings from the strong euro.
Spanish retail giant Inditex, which is the world's largest clothing retailer, posted a 9% rise in net profit to €1.37bn (£1.22bn) for the six months to July 31 after seeing global like-for-like sales rise by 6%.
The firm operates Zara, Stradivarius and Pull & Bear stores in Belfast.
Profit margins took a knock after the recent strengthening of the euro.
The group is particularly vulnerable to exchange rate movements as it makes more than half of its sales in non-euro currencies, but reports results in euros. But its update on current trading offered further cheer as it revealed sales in stores and online had surged by 12% since the start of August.
It said its performance had been helped by a "quick transition" from the spring-summer season into autumn-winter.