Berliner Tageblatt - Zara owner Inditex posts higher profits

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