Zara owner Inditex beats rival H&M with jump in profits and sales
The IndependentFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The world’s biggest clothing retailer, Inditex which owns Zara among other brands, beat its competitors as well as stock market expectations with an 8 per cent profits boost as it focused reported a jump in profits as it focused on quicker deliveries and a slicker online presence to drive up sales. “In light of the difficulties being experienced among clothing peers, today’s results act as another reminder of the quality of the Inditex business model,” Exane BNP Paribas analyst Simon Bowler said in a note. Amazon has moved aggressively into the space, and sold £12.6bn of clothing last year, more than the combined online sales of its five largest online clothing competitors, including Gap, and Victoria’s Secret owner L Brands. Currency fluctuations hurt Inditex on two fronts as the strong dollar raised costs for the 35 per cent of garments the retailer sources from Asian countries.
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