Clothes brand Zara owner's expansion boosts sales
Spanish clothes giant Inditex, owner of the Zara high street brand, said Wednesday that sales and profits have soared this year as it opens more stores and expands online in Asia.
The firm based in northwestern Spain, ranked as the world's biggest clothes retailer, said its sales rose 16 percent in 2015 up to September 10, excluding currency fluctuations.
Net sales rose to 9.4 billion euros ($10.6 billion), driving up net profit by more than a quarter to 1.17 billion euros.
Inditex opened 94 new stores worldwide, including 25 branches of its Zara Home housewares shop, a company earnings statement said. That took its total number of stores worldwide to 6,777.
It also opened online Zara stores in Hong Kong, Macau and Taiwan. Several of its other quality mid-priced fashion brands such as men's clothing store Massimo Dutti launched online in China.
Inditex shares rose by 2.83 percent to 29 euros in mid-morning trading on the Madrid stock exchange. They have gained 25 percent so far this year.
Analyst Jorge Martin of research group Euromonitor said economic recovery in its key market of western Europe and in the United States helped offset declines in China and Russia.