Inditex sees profits rise
16 December 2010 11:23
Inditex SA, the world's largest clothing retailer and owner of the Zara chain, has reported nine-month profit up by 42%. The group said strong demand in Asia and the introduction of online shopping had driven the increase.
Net income rose to Eu1.179 billion from Eu831 million a year earlier and above analysts' estimates of Eu1.17 billion.
Nine month revenue rose 14% to Eu8.87 billion, boosted by the addition of 300 stores worldwide and bringing the total to 4,907 in 77 countries.
In-store sales in local currencies rose 10% in the period between August 1st and December 12th.
Since the period end, Inditex said it has opened more than 90 stores and is focusing growth on Asia and Europe.
Next year, the group plans to enter the Australian and South African market and launch online sales in the US and Japan.
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