Zara owner Inditex posted a 27% increase in net profits in 2022 as sales exceeded pre-health crisis levels in the first full year since Marta Ortega, daughter of founder Amancio Ortega, took over as company chair
Shrugging off the share price fall, Inditex CEO Oscar Maceiras told reporters: "Our focus is on the long-term market, and we are very confident in our ability to grow in the future."
Inditex's profit jumped by 27% in its financial year to Jan. 31 as sales exceeded pre-pandemic levels. In-store and online sales rose 18% to 32.6 billion euros and were 15% higher than in 2019. Some of the cash will be spent on further expansion in the United States, with 30 new Zara projects planned from 2023 to 2025, including bigger stores in New York, Chicago, Miami and other cities.
Inditex has been shutting smaller shops to focus on bigger stores in prime locations with some success. Full-year store sales grew by 23% despite store space decreasing by 6%.
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