Spain's Zara Profits Barely Grow Despite Expansion

The Associated Press

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Zara store
Zara store

Spanish fashion retailer Inditex, which owns Zara stores, says its profits barely rose in the first nine months of the year despite a solid sales increase and a further expansion worldwide.

Inditex said Wednesday its net profit from February through October rose 1 percent to $2.3 billion compared to the same period in 2012. Sales, meanwhile, swelled 5 percent to $16.42 billion.

The group said it opened 240 new stores, taking the total to 6, 249 shops. It created 8,000 jobs to bring its workforce to 124,880.

Founded in 1975 by Amancio Ortega, Inditex operates eight brands including Massimo Dutti, Bershka, Pull & Bear and Oysho.

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