Zara owner Inditex profits up on strong sales
Zara owner Inditex profits up on strong sales
Madrid - Egypt Today
Spain's fashion retail giant Inditex said Wednesday its net profit rose 6.0 percent in the first nine months of its fiscal year on the back of stronger sales and its international expansion.
The company, the owner of the popular brand Zara and one of the world's largest fashion retailers, posted net profit of 2.34 billion euros ($2.7 billion) in the February to October period, up from 2.2 billion euros in the same period a year earlier.
The results were in line with analysts' expectations, but they represented a slowdown from the 9.0 percent increase in net profit posted during the previous nine-month period.
Net sales overall climbed 10 percent to 17.96 billion euros as Inditex expanded in all markets, mostly in Asia, and introduced same-day delivery of online purchases in six cities.
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