Holding its own against low-cost competitors
Martin LELIEVREZara owner Inditex, the world's largest fashion retailer, posted Wednesday higher profits for the first nine months of its fiscal year despite stiffer competition from low-cost clothing outlets like Shein and Primark.
The Spanish group, which owns other top brands including Massimo Dutti, Pull & Bear and Bershka, posted a net profit of 4.6 billion euros ($5.3 billion) between February 1 and October 31.
Inditex pointed to "satisfactory" sales in stores and online, which rose 2.7 percent to reach 28.2 billion euros for the profit rise.
Inditex CEO Oscar Garcia Maceiras told a news conference sales had a "solid start" to the fourth quarter, rising 10.6 percent in November over the same time last year.
With fast-growing budget fashion retailer Shein taking share at the cheaper end of the market, Inditex's main brand Zara has moved to attract more discerning shoppers and offered more expensive clothing.
Inditex is also improving its logistics to deliver online orders faster than rivals and investing in larger, more modern stores while it shuts smaller shops.
Inditex said it had made "important relocations and refurbishments" at its locations in Osaka, Maastricht and Barcelona.
The company said a major new distribution hub in Zaragoza in northeastern Spain was now operational.
rbj/ds/jh
Originally published on doc.afp.com, part of the BLOX Digital Content Exchange.
Information from the News and our advertisers (Want to add your business to this to this feed?)
Success! An email has been sent to with a link to confirm list signup.
Error! There was an error processing your request.
Sign up to receive notifications when a new Columbia Gorge News e-Edition is published.
Would you like to receive our news updates? Signup today!
Receive weekly updates on obituaries and death notices.
Oregon Capital Press presented by Columbia Gorge News
Receive updates on upcoming promotions and special sections.
Receive weekly updates on local sports news.
Sorry, an error occurred.
Already Subscribed!
Cancel anytime
Thank you .
Your account has been registered, and you are now logged in.
Check your email for details.
Submitting this form below will send a message to your email with a link to change your password.
An email message containing instructions on how to reset your password has been sent to the email address listed on your account.
No promotional rates found.
Secure & Encrypted
Thank you.
Your gift purchase was successful! Your purchase was successful, and you are now logged in.
| Rate: | |
| Begins: | |
| Transaction ID: |
A receipt was sent to your email.
Commented
Sorry, there are no recent results for popular commented articles.