MADRID: Zara owner Inditex, the world’s largest fashion retailer, posted Wednesday higher profits for the first nine months of its fiscal year despite stiffer competition from low-cost clothing outlets like Shein and Primark.
The Spanish group, which owns other top brands including Massimo Dutti, Pull & Bear and Bershka, posted a net profit of 4.6 billion euros (US$5.3 billion) between 1 Feb and 31 Oct.
Inditex pointed to “satisfactory” sales in stores and online, which rose 2.7 percent to reach 28.2 billion euros for the profit rise.