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Inditex sales jump 11%

Sales at the Spanish retail giant Inditex, owner of brands including Zara and Massimo Dutti, have soared 11% to €16.4bn (£13.8bn) during the first nine months of 2016.

Net profit was also boosted 9%, to €2.2bn (£1.85bn) for the months to 31 October 2016, up from €2.02bn (£1.7bn) for the same period last year. EBITDA was up 8% to €3.6bn (£3.03bn). The company also experienced a 16% boost in sales in constant currency between 1 November and 12 December 2016.

A total of 227 new stores were opened in 50 markets, including New Zealand, Vietnam, Paraguay, Aruba and Nicaragua, all of which are new markets for the company. Inditex now operates 7,240 stores across 93 different markets.

The rapid expansion of Inditex has seen 9,245 new jobs created in the company over the past 12 months, with a particular focus on Spain, where 1,705 of the jobs were situated.

Pablo Isla, chairman and CEO of Inditex credited the company’s growth to sustained investment in logistics and stores. “The company’s growth is driving noteworthy job and value creation in our various markets, most particularly in Spain, boosted by the simultaneous growth at the Group’s headquarters. This momentum is the result of sustained investment – logistic facilities and stores - as well as the ongoing development of its integrated offline-online store mode.”

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