Zara owner Inditex posted a huge increase in net profit. The world’s biggest fashion retailer offset weaker demand for clothing by raising prices
posted a 24% increase in net profit for the first nine months of its fiscal year, as price rises helped offset weakening global demand for clothing.
Net profit for the quarter was up 6 percent to 1.3 billion euros, in line with market forecasts according to IBES data from Refinitiv.The company has outperformed some rivals since Marta Ortega, the daughter of founder-owner Amancio Ortega, took the helm as non-executive chair in April. Speaking to analysts on a conference call, Inditex Chief Executive Garcia Maceiras cited a strong performance in the United States and said the company was confident about its prospects in China in the medium- and long-term.
The fashion giant said its sales between the start of November and Dec. 8 increased 12% from a year ago. Sales were positive in all geographic areas, it added.Analysts expect Inditex to have to deal with more cost increases over the coming months, including pressure from workers for higher salaries.
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