MADRID: Inditex SA, the world’s largest clothing retailer, reported its fastest annual profit growth in three years fueled by online sales and the Zara chain, which offers US$19.90 flared dresses and US$29.90 leather sandals.
Net income rose 15 percent to 2.88 billion euros (US$3.2 billion) in the period through January, the owner of the Zara and Massimo Dutti brands yesterday said in a statement. Analysts expected 2.9 billion euros, according to the average estimate.
Revenue gained 15 percent in the start of this quarter on an adjusted basis, maintaining last year’s growth rate. The Spanish retailer, which has more than 7,000 outlets, aims to increase retail space 6 percent to 8 percent in coming years, below a previous target of 8 percent to 10 percent, Inditex said. The operator of the Bershka chain also reported its fastest annual profit growth in three years and maintained revenue growth of 15 percent in the early part of this year.
