Zara owner’s net profit grows in new fiscal year

Net profit of the Spanish Inditex Group, one of the world’s largest clothing and footwear retailers (brands Pull & Bear, Zara, Bershka, Massimo Dutti, Oysho, Stradivarius), nearly doubled in annual terms to €766 million in the first quarter of fiscal 2022-2023 (ended April 30), according to the company.

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Iris Barker

Published on

June 9, 2022

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Zara owner’s net profit grows in new fiscal year © The Strategist

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Sales climbed by 1.4 times to €6.742 billion over the reporting period. Earnings per share increased to €0.244 from €0.135 the previous year. EBITDA increased to €1.92 billion, a 1.5-fold increase over the previous fiscal year.

The overall number of stores declined to 6,423 at the conclusion of the quarter, according to the firm. Coronavirus outbreaks in China were the reason for the fall, as did cessation of operations in Russia and Ukraine.

Inditex was founded in 1985. The company owns Bershka, Zara, Massimo Dutti, Stradivarius, Pull&Bear, and Oysho.

source: ft.com