Shares in Spanish retail giant Inditex (BME:ITX) are up nearly 3.5 percent this morning, after the group announced strong half yearly results.
Profits at the world’s largest clothes retailer were up 26% on the year at €1.16bn (£853m) in the second quarter. Like-for-like sales also rose 7%.
The group cited a strong revival in Spain and warm weather in Europe as reasons for the positive change. The company added 10,000 jobs worldwide, with 25% of them in Spain, and the addition of several stores in new countries means they now sell their products online in a total of 28 markets.
The Inditex group, who own Zara, Pull & Bear, Massimo Dutti, Bershka and Oysho, have an advantage over competition in that they source their products close to the point of sale, making it easier to keep up with changing demands. Their results come just after rival Hennes and Mauritz disclosed its weakest monthly sales growth in August in more than two years.