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Inditex posts 14% rise in profits in first half
Spanish clothing giant and owner of the Zara label, Inditex has recorded a 14% jump in profits in its half year results as it benefited from expanding into overseas markets and growth in online sales. Inditex achieved a net income of €717m (£625m) in the six months to July 31, exceeding market forecasts of €672m (£586m),like-for-likes were up 6%.
The company has also increased its online offer with a string of web launches in its second half and now offers an ‘etail’ channel for all of its brands throughout Europe. There are plans to unveil a transactional website in Japan next month to compliment its recently launched US site. In addition, Inditex has also added physical space to all of its brands worldwide, with the total number of stores in the portfolio increasing by 441 to 5,221 since July 31 2010.
Zara, the largest brand in the Inditex portfolio by sales and number of stores, saw a 13% increase in net sales which reached €4bn (£3.5bn) in the first of 2011.
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