Zara owner Inditex posts 12% rise in profit

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Zara owner Inditex posts 12% rise in profit
Inditex predicts a like-for-like sales to rise between 4 per cent and 6 per cent for its full year.
// Inditex reports 7.5% rise in revenues for its brands across first nine months of the year
// The Zara owner says it expects like-for-like sales to rise between 4% and 6% for its full year.
// Inditex praises use of technology for “enriching its customers’ unique experience”

Zara parent company Inditex posted a 12 per cent rise in profit for the first nine months of the year.

The world’s biggest fashion group by revenue said it expected like-for-like sales to rise between 4 per cent and 6 per cent for its full year.


READ MORE: Zara’s UK profits plunge 56.9% despite sales increase


Revenue across its brands, which include Zara, Massimo Dutti, Bershka and Zara Home, rose 7.5 per cent to €19.8 billion (£16.73 billion) in the first nine months of its financial year.

Inditex praised the use of technology in improving its results from February 1 to October 31.

The retailer said it had focused on “enriching its customers’ unique experience” with inventory management and what the business descried as “tight coordination of every step in the value chain: design, production, logistics and distribution”.

The group will be keen to update shareholders after Inditex revealed strong first-half growth for the whole company in the six months to July 31.

For those six months, half-year sales topped €12.8 billion (£11.4 billion) for the first time.

Group-wide net profit also reached a new record of €1.6 billion (£1.4 billion) for the half-year period – up 10 per cent on the same period in 2018.

Inditex did not update investors on how its UK business had fared since reporting a dramatic plunge in full-year profits in its UK market in the six months to July 31 this year.

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