PHOTO
(FILES) People walk past a store of Spanish clothing retailer chain Zara in a shopping street in Barcelona on December 10, 2022, ahead of Christmas holidays. Zara-owner Inditex, the world's biggest fashion retailer, saw its profits leap in the first quarter thanks to robust sales, offsetting the impact of inflation on its production costs. Over the period, which ended on April 30, 2023, the fashion giant saw its net income jumping 54 percent, generating profits of 1.17 billion euros ($1.25 billion), compared with 760 million in the same period last year, it said in a statement. (Photo by Pau BARRENA / AFP)
Zara owner Inditex posted another record quarterly profit on Wednesday as strong online and in-store sales gave the world's biggest fashion retailer a boost.
The Spanish group, whose other brands include Massimo Dutti, Pull & Bear and Bershka, reported a profit after tax of 1.68 billion euros ($1.77 billion) for the third quarter, up six percent from the same period last year.
While it beat the record for a single quarter, it was lower than the net profit of 1.77 billion euros forecast by analysts surveyed by financial data firm FactSet.
For the first nine months of 2024, Inditex said net profit reached 4.45 billion euros compared to 4.1 billion euros over the period last year.
Sales grew seven percent to 27.4 billion euros over the nine-month period ending October 31.
"Inditex continued with a very robust operating performance due to the creativity of the teams and the strong execution of the fully integrated store and online business model," it said in a statement.
The company also reported a strong start to the fourth quarter, with store and online sales between November 1 and December 9 rising nine percent from the period last year.
