>> It zips the latest trends from the runway to stores in a matter of days, and sales at Inditex are showing no sign of slowing down either. The world's biggest clothing retailer and owner of Zara reported a 10% jump in annual profit. Strong growth in emerging markets and an increased online presence has outweighed negative currency effects with profit growing to over €3 billion.
The company opened stores in 56 countries during the year including first openings in New Zealand, Vietnam and Paraguay. It also launched online sales in Turkey with plans for India later this year. In detect reports in Euros but to make only half of it sales in other currencies. Fall in the value of currencies like Mexican peso and the Russian rupee against the Euro can affect earnings and profit margins.
Sales at constant exchange rates rose 13% in the first six weeks of the new financial year, but that implies a slowdown in like-for-like sales from recent years after a period of exceptional growth.