15 Mar, 2023 @ 12:00
1 min read

Spain’s fashion giant Inditex owner of brands like Zara announces record profits

Spain's fashion giant Inditex owner of brands like Zara announces record profits
Cordon Press image

SPAIN’S Inditex- the world’s biggest fashion retailer- posted a 27% rise in net profits last year as sales exceeded pre-pandemic levels.

Net income soared to a record €4.1 billion in results covering the first full year that Marta Ortega, daughter of Inditex founder Armancio Ortega, took over running the company.

In-store and online sales reached €32.6 billion euros- 18% more than the €27.71 billion posted last year and 15% higher than in 2019, before the Covid pandemic struck.

“The excellent results of 2022 show the strength of our business model,” said Inditex chief executive Oscar Garcia Maceiras.

The positive figures come despite Inditex closing and then selling off its 514 stores in Russia- its biggest market outside Spain- following last year’s invasion of Ukraine.

The figures are in line with what analysts expected as the company benefited from shoppers’ appetite for fashion in the post-Covid period.

The group whose brands include Zara, Bershka, Massimo Dutti, Oysho and Pull & Bear, said sales continued to rise during the first weeks of its fiscal year that started on February 1.

Between February 1 and March 13, Inditex said its sales jumped by 13.5% from the same period a year earlier.

Inditex raised prices by 5% or more last spring due to inflation, but the move has not depressed demand for its products.

Despite closing 1,000 shops worldwide over the last three years, the company says it plans to significantly increase spending on new stores and e-commerce.

READ MORE:

Alex Trelinski

Alex worked for 30 years for the BBC as a presenter, producer and manager. He covered a variety of areas specialising in sport, news and politics. After moving to the Costa Blanca over a decade ago, he edited a newspaper for 5 years and worked on local radio.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Drugs Gang Used Latest Technology To Foil Police In Spain's Costa Blanca And Murcia Areas
Previous Story

Drugs gang used latest technology to foil police in Spain’s Costa Blanca and Murcia areas

3 bedroom Apartment for sale in Marbella with pool - € 380
Next Story

3 bedroom Apartment for sale in Marbella with pool – € 380,000

Latest from Business & Finance

Go toTop

More From The Olive Press