Zara’s profits and sales in its UK market soared in its last financial year, as it bucked the challenges plaguing its high street competitors.
According to documents filed at Companies House, the UK arm of the Spanish fashion retail giant recorded pre-tax profits of £51 million for the year ending January 31, a 30 per cent jump from £39 million the year prior.
Meanwhile, sales surged 17 per cent from £602 million to £704 million for the same full-year period.
The figures were achieved despite selling and distribution costs increasing eight per cent as parent company Inditex modernised its estate of Zara stores in London, which included a robot-operated click-and-collect warehouse and a self-checkout system at its Westfield Stratford branch.
The Companies House documents indicated that the main goal of Zara’s directors was to increase profitability by keeping a tight grip on costs while increasing sales.
Zara operated 64 stores in the UK by the year’s end, compared to 66 the year before.
Inditex, the firm that owns the global retail chain, said it planned to open more stores in the UK “as soon as suitable opportunities” arise.