The Zara logo on one of its Spanish stores. REUTERS

Owner of Zara clothes stores announces record sales and profits in latest results

Inditex also saw its shares have a big surge on the Madrid stock exchange

C. ALBA

MADRID.

Friday, 16 September 2022, 11:59

Inditex - the giant parent company of Zara and several other famous fashion brands - does not appear to be suffering from any downturn in consumer confidence just yet.

This week, Inditex, based in Galicia, northwestern Spain, announced record sales and profits and saw its shares surge on the Madrid stock exchange.

The strong performance of the shares was also a vote of confidence in the new boss of the group, Marta Ortega - daughter of the founder, Amancio Ortega - who took over from the highly rated Pablo Isla last year.

In the first six months of this year, to the end of June, Inditex had profits of almost 1.8 billion euros, 41% more than the same period in 2021, on sales of 14.8 billion euros.

Sales were up in all areas of the world where the group operates and the gross margin on sales was the highest forsix years.