Inditex, the world’s biggest clothing retailer and owner of Zara, has posted the financial results for the fiscal year 2016 ended 31st January, 2017. The company’s net sales jumped 12 per cent to Euro 23.3 billion compared to Euro 20.9 billion in the corresponding period in 2015.
In the reporting period, the company reported a surge of 9 per cent in net profit to Euro 3.16 billion, up by 10 per cent as against Euro 2.88 billion in FY 2015. Gross profit generated in the review period stood at Euro 13.28 billion. In addition, same-store sales climbed 10 per cent, up from 8.5 per cent in FY ’15, with positive same-store sales growth in all geographies and across all brands. The Group opened 279 stores, ending the year with 7,292 stores in 93 markets on all five continents. Europe saw 102 new stores, Asia and rest of world 116 and the Americas to 61.
Pablo Isla, Chairman and CEO, Inditex stated, “These are a positive set of results against a backdrop of strong prior-year performance. This is a direct result of the commitment, spirit and ambition of all the professionals comprising the Group, their dedication to the company, passion for fashion and focus on sustainability.”
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In the financial outlook for current fiscal, Inditex plans to continue to expand its integrated store and online model globally. Zara’s online store will go live in Thailand and Vietnam in the coming weeks, while its launch in India is scheduled for the second half of the year.
