Spain's Inditex Posts Nine-Month Profit Up 27%
Spain's Zara owner Inditex continued to buck the pain in austerity-wracked Europe on Wednesday, posting nine-month net profit up 27 percent at 1.65 billion euros through its aggressive store-opening program around the world.
The world's largest clothing retailer grew core profit - or earnings before taxes, interest, depreciation and amortisation (EBITDA) - 25 percent to 2.78 billion euros ($3.6 billion).
Sales climbed 17 percent to 11.36 billion euros as the company opened stores in fast-growing markets such as China, reducing its reliance on its home market Spain, where consumption is being hit in the second recession in three years.
The results were in line with a Reuters survey, which had forecast profit for the period ending Oct. 31 of 1.65 billion euros, EBITDA of 2.77 billion euros and sales of 11.33 billion euros.