Europe

Zara owner Inditex reports 10 pct rise in full-year profit

Zara fashion brand owner Inditex says strong sales and expansion of new stores boosted net profit in the past fiscal year by a 10 percent.

The world's largest clothes retailer said Wednesday that net profit for the 12 months ending Jan. 31 rose to 3.16 billion euros ($3.35 billion) from 2.88 billion euros ($3.06 billion) a year earlier.

Net sales in the period rose by 12 percent to 23.3 billion euros ($24.7 billion).

The company raised its store network to 7,292 in 93 markets, after a strong expansion in 2016.

Headquartered in Arteixo in northwestern Spain, Inditex operates eight brands including Zara Home, Massimo Dutti and Bershka. It employs more than 160,000 people.

Inditex shares rose 0.4 percent at 31.5 euros in early trading in Madrid.