// Inditex sales reach £11.4bn for the first time
// Sales were up 7% year on year, while like-for-like sales were up 5% in the 6 months to July 31
// Net profit reached a new record of £1.4bn
// Net cash increased by 13% to £6bn
Zara parent company Inditex has posted a strong first-half sales growth, with sales topping €12.8 billion (£11.4 billion) for the first time.
In the six months to July 31, sales were up seven per cent year on year, while like-for-like sales were up five per cent.
Net profit also reached a new record of €1.6 billion (£1.4 billion) for the period – up 10 per cent on the same period in 2018.
Meanwhile, net cash increased by 13 per cent to €6.7 billion (£6 billion).
Between August 1 and September 8, stores and online sales in local currencies increased eight per cent.
Inditex, which also owns Pull & Bear, Massimo Dutti, Bershka and Stradivarius, estimates like-for-like sales growth of four per cent to six per cent for the full year.
Executive chairman Pablo Isla emphasised the “relevance of the investments” made in the stores, logistics and technology, all of which have been “key elements in the development of Inditex’s customer-focused integrated store and online platform”.
Fashion retailer Zara has expanded its online presence in Brazil, the UAE, Lebanon, Egypt, Morocco, Indonesia, Serbia and Israel, with the launch of its official website in the first half of the year.
It is also due to launch the platform in South Africa next week, and in the Ukraine, Colombia and The Philippines during the third quarter.