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Spain's Inditex posts 22 pct rise in net profit

Source: Reuters - Wed 13th Mar 2013
Spain's Inditex posts 22 pct rise in net profit

Zara owner Inditex posted a 22% rise in 2012 profit to 2.4 billion on Wednesday, shrugging off belt-tightening in home market Spain by tapping fashion-hungry consumers in markets like Asia.

The world's largest clothing retailer, which runs 8eight brands and more than 6,000 stores across 86 countries, grew sales 16% to 15.9 billion.

The results were in line with a Reuters poll of 11 analysts that had forecast net profit of 2.4 billion on sales of 16.0 billion.

Earlier this month it was reported how the founder and principal shareholder of Inditex, Armancio Ortega, had seen his personal wealth soar during 2012. Ortega - Spain's richest man and the 3rd richest in the world - was estimated to be worth 44 billion by Forbes 2013 'Rich List'.

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