Zara proprietor Inditex, the world’s largest trend retailer, reported report earnings for 2022 regardless of halting operations in Russia and hovering international inflation.
Internet revenue reached 4.1 billion euros ($4.4 billion) final yr, a 27 % bounce from 2021, mentioned Inditex, whose eight manufacturers embrace youthful trend chain Pull&Bear and upmarket label Massimo Dutti.
Gross sales additionally hit a report, surging 17 % to 32.6 billion euros.
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“The wonderful outcomes of 2022 present the power of our enterprise mannequin,” mentioned Inditex chief government Oscar Garcia Maceiras.
Inditex splitting with Russia
Inditex, like many different Western firms, closed up store in Russia final yr following the invasion of Ukraine and sweeping Western sanctions towards Moscow.
The group shut its 514 shops in Russia, its second largest market after Spain.
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The outlets have been offered to Emirati group Daher, which has enterprise pursuits in retail and actual property, in October.
Inditex additionally overcame a surge in manufacturing prices that has hit producers as inflation soared following Russia’s assault on Ukraine.
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The Spanish group underwent a management shake-up final yr, with Marta Ortega, daughter of multi-billionaire founder Amancio Ortega, taking on as chairwoman.
The corporate mentioned it expects additional progress in 2023, with gross sales between February 1 and March 13 already up 13.5 % in comparison with the identical interval final yr.
© Agence France-Presse