- Inditex profits grow 20% in nine months to October 31
- Net sales jump after like-for-like growth and store expansion
- Sales have increased 15% since the close of the interim period
Zara owner Inditex’s net profit rose 20% to €2.02bn (£1.46bn) during the nine months to October 31.
The Spanish retailer, which owns fellow fashion chains Bershka, Massimo Dutti and Pull & Bear, said gross profit climbed 16% to €8.7bn (£6.3bn). EBITDA reached €3.3bn (£2.4bn) during the period – an 18% uplift on the year.
Net sales jumped 16% to €14.7bn (£10.6bn) driven by strong like-for-likes, the ongoing expansion of its store estate – which Inditex said remained “on track” – and online launches overseas.
Zara began trading online in Taiwan on September 2 and launched its ecommerce platform in Hong Kong and Macau a week later.
During the interim nine-month period, Inditex opened stores in 48 different markets. It had 6,913 stores in 88 markets at the end of October.
Last month Zara opened a global flagship in New York at 222 Broadway as Inditex continues to expand its brands internationally.
The retailer added that store and online sales increased 15% in local currencies between November 1 and December 3.