Business & Economy

Zara parent Inditex posts record net income

Arteixo, Spain, Mar 15 (EFE).- Zara owner Inditex on Wednesday announced record net income of 4.1 billion euros ($4.34bln) in 2022.

The results represent a 27% jump compared to 2021 and mark the first time the Spanish multinational firm, which also owns the brands Pull & Bear, Bershka and Massimo Dutti, posted a net income of over 4 billion euros.

Gross profit also increased 17% to 18.6 billion euros, the company said.

The record figures come during the company’s first year with Marta Ortega, daughter of Inditex founder Amancio Ortega, sitting as chair.

Óscar García Maceiras, Inditex CEO, said: “The excellent results of 2022 show the strength of our business model and its ability to move towards the next level of development in which our fashion proposition, the experience of our customers, our commitment to sustainability and the talent of our teams will continue to be key.”

Despite halting business in Ukraine last February and in Russia a month later due to the invasion, Inditex reported a 17.5% hike in sales, which reached 32.6 billion euros, compared to 2021.

Last year’s sales were also 15% higher than the firm’s previous record set in 2019, just before the pandemic.

Inditex logged a growth in sales at its physical stores as well as online. EFE


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