Owner of Zara sees record earnings of £7.6bn
Zara owner Inditex has revealed record earnings as shoppers flooded back to stores despite the rising cost of living. The world’s largest fashion group revealed that earnings increased by a fifth to £7.6bn in 2022 compared with the previous year. The group, which also owns the Pull & Bear and Bershka brands, said it benefited from a bounce-back in store sales following the pandemic and efforts to reduce costs. Sales increased by 17.5 per cent to £28.8bn for the year, it added, amid 23 per cent growth from shoppers at its high street stores.
Elsewhere, rival H&M posted a 12 per cent increase in sales over the past quarter. The Sweden-based retailer said net sales were 16 per cent, excluding Russia, Belarus and Ukraine, for the three months to 28 February.