MADRID – Spanish fashion retailer Inditex, which owns Zara stores, has returned to profit in the first nine months of the year thanks to strong sales.
The company said Thursday profit for February to October rose 1 per cent to 1.69 billion euros ($2.1 billion) compared with 1.67 billion euros in the same period in 2013.
Inditex said sales for the period rose 7 per cent to 13 billion. It noted they were up 14 per cent in local currencies between Nov. 1 and Dec. 8, as the key pre-Christmas period started.
The company posted a 2.4-per cent drop in profits in the first half.
Founded in 1975 by Amancio Ortega, Inditex operates eight brands including Massimo Dutti, Bershka and Oysho.
The company’s shares were up 3.7 per cent at 23.2 euros in morning trading in Madrid.