Zara owner sees sales jump 12% and profits beat three billion euros

Finishing touches to world's largest Zara, soon to open in Madrid.
Finishing touches to world's largest Zara, soon to open in Madrid. / EFE
  • The Inditex group, owner of many well-known high street brands, sold over 23 billion euros in 2016 and created 9,596 new jobs worldwide

Spanish retail giant, Inditex, carried on its upward march in 2016 and continued to beat its own sales records. The Galicia-based company, which owns brands such as Zara, Massimo Dutti, Pull & Bear and Stradivarius, saw sales of 23.31 billion euros worldwide in the twelve months ending 31 January, an increase of 12 per cent. Over 15 billion of these sales came from the Zara brand.

Group sales grew in each of the 93 countries where it operates. There were 279 net store openings last year and it now has 7,292 shops around the world.

Inditex profits increased ten percent to 3.1 billion euros, helping it keep its market leadership and beating nearest rival H&M.

Reporting the annual results this week, Pablo Isla, company chairman and CEO, thanked the group's 160,000 employees globally. Staff levels increased by 9,596 on 2015.

It was also announced that Amancio Ortega, Inditex founder and one of the world's richest men, was lucky enough to walk away with a 1.3-billion-euro dividend.

In Madrid, Zara is getting ready to open its biggest store in the world on 7 April, with 6,000 square metres of retail space.