Dec. 11 - Another sales boost for Zara owner Inditex. The world's largest clothing retailer reported a 10 percent increase in the first six weeks of the fourth quarter. But as Hayley Platt reports nine month profit was flat.
No Christmas disappointments for the world's largest retailer. Sales at Zara-owner Inditex rose 10 percent in the first six weeks of the fourth quarter to 1.67 billion euros. After nine months of flat profit it was a welcome boost and suggests things may be picking up in Europe - particularly Spain where Inditex is based. The group owns eight brands and has more than 6,200 stores in 86 markets. It hopes to have added another 8-10 percent of new store space by the end of the year. It's survived Europe's downturn better than many of its rivals. Its ability to turn around affordable fashion fast has proved a winner. Keeping more than half its manufacturing at home in Spain rather than outsourcing has also proved a wise decision. But it has lost value in some markets where the currency has been hit by a strong euro. And end of year results could struggle to match last year's highs.