Inditex sees profit soar as emerging markets prosper

first_img Show Comments ▼ whatsapp whatsapp Share KCS-content Inditex sees profit soar as emerging markets prosper Wednesday 15 December 2010 7:53 pm THE world’s biggest clothing retailer Inditex announced a 42 per cent rise in nine-month net profit yesterday, buoyed by developing market growth and new store openings.Cash-rich Inditex, which launched online sales of items such as black net skirted cocktail dresses for around £40 for its flagship brand Zara in September, said sales grew 14 per cent during the period. Net profit for the nine-month period was €1.18bn (£1bn). Europe’s retailers are seeing a tick-up in business, especially in emerging economies. Inditex, which operates nearly 5,000 stores in 77 countries, said sales in local currencies grew ten per cent from 1 August to 12 December. Shares in Inditex have risen around 45 per cent since the beginning of the year, thanks to strong sales and healthy margins, while Spain’s blue-chip index has dropped about 15 per cent. Inditex has reduced exposure to the sluggish economy of home base Spain, which accounted for 28 per cent of sales in the first half, down from 32 per cent in the first half of 2009. The company was founded by Spain’s richest man Amancio Ortega. Tags: NULL Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Prooflast_img read more