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Zara owner Inditex posts strong sales

Inditex, which owns fashion chain Zara, defied the downturn with net sales up 11% to €7.35 billion (£6.41bn) in the first nine months of the year.

Net profit also rose 2% to €843 million (£739m), and EBITDA rose 5% to €1.54 billion (£1.34 billion), after a strong year of growth and store expansion. The group said its strong cash generation had allowed it to self-finance the expansion without resorting to debt.

The retailer, which also operates Massimo Dutti, Bershka and Pull and Bear, said sales in the first six weeks of the fourth quarter have showed the same patterns of growth as the third quarter.

The group opened 456 new stores during the nine month period, 45 more than the same period last year. It now has 4,147 stores across 71 countries.

See this week's Drapers magazine for a report on Inditex UK's sales performance. To subscribe got to https://www.drapersonline.com/subscription/index.html

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