Inditex continues growth

Inditex posted a 29 per cent year-on-year jump in full year net profit to GBP 300.6 million but revealed slow December sales. The Spanish fashion giant, famous for its Zara brand also operates Pull & Bear, Massimo Dutti, Bershka, Stradivarius and Oysho. The company said net sales for last year climbed 22 per cent to GBP 2.7 billion last year.

Same-store sales climbed by 11 per cent year-on-year. Inditex also announced plans to open between 260 and 315 new stores this year with investment of 340 to 370 million pounds.

The retailer added its performance was hampered by woes in Venezuela where it was forced to close nearly two dozen stores and said sales in the Americas fell to 13.2 per cent of total sales from 15.9 per cent in 2001 with that trend seen continuing in 2003.