MADRID – Spanish clothes retailer Inditex, which owns the Zara store chain, says buoyant sales helped it post a 12 per cent increase in 2011 profits.
The company said Wednesday that profit in the year rose to €1.93 billion ($2.55 billion) on a 10 per cent increase in revenues to €13.8 billion.
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Inditex said it opened 483 new stores last year and now operates a total of 5,527 shops. It says it plans to open up to 520 new stores in 2012.
Besides Zara, Inditex has seven other brands including Bershka, Pull & Bear, Massimo Dutti and Oysho.
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