The largest apparel retailer in the world, Inditex , which owns Zara, announced a record yearly profit on Wednesday for the third year in a row, citing strong sales and increased prices.
The Spanish company, which also owns seven other well-known brands, such as Massimo Dutti, Pull Bear, and Bershka, reported a net profit of 5.87 billion euros 6.39 billion for the fiscal year that concluded on January 31. This was an increase from the record 5.38 billion euros in 2023.
Following a strong fourth quarter, the number was in line with analysts predictions surveyed by financial data company FactSet.
Inditex reported very satisfactory sales in 2024, which amounted to 38.6 billion euros, a 7.5 per cent rise over 2023.
The group said that collections have been very well received by our customers after implementing price increases to offset inflation-driven increases in production costs.