Spanish fashion retailer Inditex, which owns brands like Zara and Massimo Dutti, has made a 2 billion euro profit in the past three quarters, which is up a fifth compared to last year.
14.7 billion euro turnover
Inditex' turnover reached 14.7 billion euro in 9 months' time, up 15 % compared to the same period last year and adjusted for exchange rate fluctuations. Another 3.4 billion euro and Inditex, which also owns Pull & Bear, Bershka and Stradivarius, will have crushed its record year, which was last year. Its profits also grew some 15 % over the past 9 months, to 2.02 billion euro.
More than of that turnover comes from Europe and nearly a fifth from its home territory, Spain, where consumer spending has grown a lot after several years of economic crisis. Inditex has already confirmed that its November sales increase (both online and offline combined) will also be up some 15 % in local currency compared to last year. However, it refrained from forecasting how the upcoming important holiday sales would fare.
In the January - September time frame, Inditex opened 230 new stores in major cities across 48 countries, including cities like Amsterdam, Madrid, Stockholm, Beijing, Brisbane and Johannesburg. More than 13,000 new employees (including 3,000 in Spain) have been added to its workforce, which is now up to 146,478.