Strong sales lift 6-month profit for Spanish owner of Zara

AP News
Posted: Sep 21, 2016 4:01 AM

MADRID (AP) — Spanish fashion retailer Inditex, which owns the Zara stores, says surging sales lifted net profit for its fiscal first half of 2016 by 8 percent.

Inditex said profit for the February through July period was 1.26 billion euros ($1.41 billion), compared with 1.17 billion euros for the same period last year.

Revenue was up 11 percent at 10.47 billion euros, compared with 9.42 billion euros for the six-month period in 2015.

The company's shares were up nearly 1 percent at 33 euros in Wednesday morning trading in Madrid.

Inditex says it opened 83 new stores in 38 countries for a total of 7,096 outlets.

Founded in 1975 by Amancio Ortega, Inditex operates eight store brands including Massimo Dutti, Bershka and Oysho.