Zara owner Inditex posts higher profits / Photo: © AFP
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Zara owner Inditex posts higher profits
Zara owner Inditex, the world's largest fashion retailer, posted Wednesday higher profits for the first nine months of its fiscal year despite stiffer competition from low-cost clothing outlets like Shein and Primark.
The Spanish group, which owns other top brands including Massimo Dutti, Pull & Bear and Bershka, posted a net profit of 4.6 billion euros ($5.3 billion) between February 1 and October 31.
Inditex pointed to "satisfactory" sales in stores and online, which rose 2.7 percent to reach 28.2 billion euros for the profit rise.
Inditex CEO Oscar Garcia Maceiras told a news conference sales had a "solid start" to the fourth quarter, rising 10.6 percent in November over the same time last year.
With fast-growing budget fashion retailer Shein taking share at the cheaper end of the market, Inditex's main brand Zara has moved to attract more discerning shoppers and offered more expensive clothing.
Inditex is also improving its logistics to deliver online orders faster than rivals and investing in larger, more modern stores while it shuts smaller shops.
Inditex said it had made "important relocations and refurbishments" at its locations in Osaka, Maastricht and Barcelona.
The company said a major new distribution hub in Zaragoza in northeastern Spain was now operational.
P.Anderson--BTB