Zara owner Inditex sees 9-month profit up 27 pct

Associated Press

MADRID (AP) — Spanish clothes retailer Inditex, which owns the Zara store chain, has posted a 27 percent increase in net profit for the first nine months of 2012 as it continued expanding in Asian and North America.

Inditex said Wednesday that profit for the first nine months rose to €1.65 billion ($2.14 billion) from €1.32 billion in the same period last year. Sales swelled 17 percent to €11.36 billion.

Inditex SA said it opened 360 stores during the period, taking the global total to 5,887.

Founded in 1975 by Amancio Ortega, Inditex operates eight brands including Massimo Dutti, Bershka, Pull & Bear and Oysho.

Inditex's shares were down 1 percent at €102.5 in morning trading in Madrid.

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