Zara owner Inditex has posted an increase in half-year profit buoyed by growth across all geographical markets.
Inditex posted a 3 per cent increase in net profit to €1.4 billion and a 3 per cent rise in net sales to €12.03 billion for the six months ending July 31.
The clothing retailer posted a 4 per cent increase in like-for-like sales and a 2 per cent increase in EBITDA, from the previous corresponding period to €2.3 billion.
Inditex, which also owns the brands Uterque, Pull & Bear, Bershka and Stradivarius, said its Autumn/Winter initial collections have been well received and management estimates 4 to 6 per cent like-for-like sales growth over the second half of 2018.
Pablo Isla, Inditex chair and CEO, said the company’s “strong first-half results” are due to solid sales and operating performance.
“The strong first half is the result of solid sales and operating performance, arising from the unique strength of the Group’s integrated and sustainable business model,” Isla said.
Inditex had 7422 stores in 96 markets with fully integrated online sales in 49 of those markets at July 31.
The group announced last week that it will be making all brands available online by 2020.
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