PARIS – Spain’s Inditex Group resisted recessionary trends and posted sales growth in all regions in fiscal 2008.
Revenues for the 12 months ended Jan. 31 rose 10.3 percent to 10.41 billion euros, or $15.19 billion, as the fast-fashion giant opened 573 new stores.
However, like-for-like sales were unchanged and net profits inched up only 0.2 percent to 1.25 billion euros, or $1.829 billion. Dollar figures are converted at average exchange rates for the period.
Sales in February increased 9 percent in local currencies, and Inditex said it would focus on “profitable expansion” by adding some 2.5 million square feet of retail space in 2009, about 95 percent of it outside the sluggish Spanish market.
That translates to about 370 to 450 new stores under such banners as Zara, Pull and Bear, Massimo Dutti, Bershka and Stradivarius.
For complete coverage, see Thursday’s WWD.