SPAIN: Inditex FY Profit Jumps 29% To $465m
The Galicia-based operator of the famous Zara brand, whose other major banners include Pull & Bear, Massimo Dutti, Bershka, Stradivarius and Oysho, said net sales for last year climbed 22 per cent to 3.97 billion euros from last year.
It said same-store sales climbed 11 per cent year-on-year and 10 per cent in the second half alone and unveiled plans to open between 260 and 315 new outlets this year with investment of 500 to 550 million euros.
Inditex said sales in the two weeks before Christmas slowed but then quickened in the final week of the month and start of 2003.
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.
Companies: Inditex SA
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