Inditex-owned Zara UK has posted tumbling full-year profits despite sales increasing.
Zara UK registered a 10% jump in full-year sales from £704.8m to £772.5m. However, pre-tax profits for the year fell from £51.8m to £22.3m, according to The Mail on Sunday.
Inditex – which also owns Massimo Dutti and Bershka – said its selling and distribution costs increased 7% during the year but it will continue with plans to open more Zara UK stores as opportunities arise.
The firm has 63 outlets in Britain where it also operates Massimo Dutti and Bershka.
The fast-fashion retailer slashed its dividend payments from £41m the previous year to £17.5m this year.
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