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Inditex's profits rise as online sales surge

Inditex, which owns brands including Zara and Bershka, saw net profit rise year on year by 7%, while revenue from online sales leaped by 41%.

Net profit rose to €3.7bn (£3.3bn) during the year to 31 January, while EBIT similarly grew by 7% year on year to €4.3bn. (£3.8bn) 

Inditex, which also owns Pull & Bear, Stradivarius and Massimo Dutti, said 10% of total sales were online in 2017.

Like-for-like sales rose by 5%. Net sales rose by 9% to €25.3bn. (£22.4bn) 

The company will share out a €562m (£497.8m) bonus pool among its 88,000 staff.

Chairman and CEO Pablo Isla, said it marked a year of “solid growth”, adding that investments made in technology and logistics has meant the company is “well placed for continued growth across all its markets”.

The group has appointed Carlos Crespo to the newly created role of chief operating officer. Crespo, who was formerly the group’s internal audit director, will oversee IT, logistics and transport, works, procurement, and sustainability.

Paula Mouzo, previously internal audit deputy director, will replace Crespo as internal audit director.

During the year the group invested €1.8bn (£1.6bn) in integrating its store and online operations as well as technology upgrades.

Its store count at the end of the year stood at 7,475, marking a net increase of 183.

The group opened its first stores in Belarus and launched online platforms in India, Vietnam, Singapore, Thailand and Malaysia.

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