MADRID (Reuters) – Inditex, owner of the Zara brand, reported on Wednesday a 30.3% increase in its net profit in 2023, the ready-to-wear giant having focused on its high-end clientele while by offering more competitive prices than rivals like H&M.
The Spanish retailer posted an annual net profit of 5.4 billion euros for the fiscal year ending in January, in line with the expectations of analysts surveyed by LSEG.
Inditex has widened the gap with H&M, its main rival, this year by relying on local suppliers to sell more clothes at higher prices to high-end customers.
Inditex’s annual in-store and online sales stood at €35.9 billion, an increase of 10% over the period.
(Reporting Corina Pons, written by Charlie Devereux; French version Lina Golovnya, editing by Kate Entringer)
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