Inditex has posted strong annual profit growth, which it attributed to the strength and execution of its business model.

The Spanish fashion giant, which as well as Zara owns retailers including Pull&Bear, Bershka and Oysho, reported EBITDA up 20% to €8.6bn (£6.8bn).

For the 12 months ending January 31, Inditex recorded profit before tax of €5.4bn (£4.8bn), a 28% increase year on year.  

Sales grew in all geographies in stores and online by 17.5% to €32.6bn (£28.8). The group said online sales “grew satisfactorily” compared with the record 2021 figure to €7.8bn (£6.9bn).

Inditex chief executive Óscar García Maceiras said: “The excellent results show the strength of our business model and its ability to move towards the next level of development in which our fashion proposition, the experience of our customers, our commitment to sustainability and the talent of our teams will continue to be key.” 

The group reported that it continues to focus on four key areas: “A unique product proposition, enhancing the customer experience, sustainability, and the talent and commitment of our people.

“Over 2022, we have seen very strong progress of our unique business model. To advance to the next level and extend our differentiation further we are developing a number of initiatives in key areas in coming years.”