Spanish fashion retail giant Inditex - owner of the famous Zara clothing chain and collections - today reported a 31 per cent leap in full-year net profits amid a surge in sales and major expansion drive.

The company posted a net profit of 340.4 million euros ($300.4m) in the 12 months to February, up from the 259.2 million euros in 2001.

Sales surged 24 per cent to 3.25 billion euros and same-store sales jumped nine per cent as consumers flocked to its new stores across Europe.

Inditex also announced it plans to invest up to 550 million euros in 250 new shops this year as it looks to build on its success and added sales of its new spring and summer collections were also strong.

The company currently operates around 1,300 stores, with Spain accounting for 46 per cent of its sales, the rest of Europe 31 per cent, The Americas 16 per cent, and the rest of the world seven per cent.