Spanish fashion giant, Inditex, had lower profits in the first half of 2014, mainly because of bad exchange rate fluctuations. Net turnover did grow 6 % to 8.085 billion euro.
Net profit in the first half of 2014 reached 928 million euro, a 23 million euro drop compared to the same period in 2013. This may result in a 1 % drop in Inditex' 2014 profit forecast, down to 2 %.
The profit drop came on the back of a net turnover increase from 7.655 to 8.085 billion euro. In local currencies, there was even an 11 % turnover increase and a 4.5 % like-for-like turnover growth.
Inditex gets 19.3 % of its total revenue in its home nation, Spain, while 45.6 % comes from the rest of Europe. From 1 February to 31 July, Inditex has opened 120 new stores in 40 countries, bringing its total to 6,460 stores in 88 countries.
Inditex also has web shops in 26 countries. It covers 21 European countries, China, Japan, United States, Canada and Mexico. Soon, Zara will also launch its web shop in South Korea.