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Inditex records 5% profit rise

Inditex net profits grew 5% over the year to January 31 with total sales across the Spanish fashion group up 7% to €11bn (£9.95bn).

Profits hit €1.3bn (£1.17bn), beating analyst expectations and Inditex said that current trading had continued to be strong with sales across its stores from February 1 to March 14 up 14% in local currencies.

The fashion group which runs fascias including Zara, Pull and Bear and Bershka, opened 343 stores in 2009 and plans this year to open between 365 and 425 new stores, of which 95% will be in international markets.   

Sales outside of Spain accounted for 68% of total sales in 2009, with Europe accounting for 46% of sales.

This autumn Zara will launch online in the UK. It said that it sees UK, Italy, France and Germany as strong growth markets for this 2010.

A large proportion of its openings this will be focused in Asia, its first Zara stores will open in India in Mumbai and Delhi in May.   

At the end of its financial year, Inditex had 4,607 stores in 74 countries.

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