Zara-owner Inditex posts 12% rise in sales

Zara owner Inditex has posted a 12% rise in sales for the year ending 31 January 2016 taking the figure to €23.3bn.

The group, which also owns the Massimo Dutti, Stradivarius, Pull & Bear and Bershka fascias, said its performance had been underpinned by growth in all of the geographic regions in which it operates.

Same-store sales rose by 10% (up from 8.5% in FY15) with positive same-store sales growth in
all geographies and across all brands. Net profit rose 10% year on year to €3.2bn while EBITDA was up 8% at €5.1bn.

Chairman Pablo Isla said the group had performance was achieved against a strong set of results from 2015. "This is a direct result of the commitment, spirit and ambition of all the professionals comprising the Group, their dedication to the company, passion for fashion and focus on sustainability," he said.

During the year the group opened 279 new stores taking its store count to 7,292 stores in 93 markets, and it created 9,596 new jobs taking its global headcount to 162,450. During the year Inditex entered five new markets (New Zealand, Vietnam, Paraguay, Aruba and Nicaragua) and launched or expanded its online platform in a total of 20 markets, 12 of which were new.

In the UK last year it launched Stradivarius on London's Oxford Street and refurbished its Bershka store on the same street.