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Zara owner Inditex sees profits helped by Spanish recovery Zara owner Inditex sees profits helped by Spanish recovery
(34 minutes later)
Half-year profits at Inditex, the owner of fashion chain Zara, have risen by more than a quarter thanks to a revival on Spanish high streets.Half-year profits at Inditex, the owner of fashion chain Zara, have risen by more than a quarter thanks to a revival on Spanish high streets.
Net profits at the Spanish group, the world's largest clothes retailer, were €1.16bn (£853m) between February and July, up 26% from a year earlier.Net profits at the Spanish group, the world's largest clothes retailer, were €1.16bn (£853m) between February and July, up 26% from a year earlier.
Like-for-like sales, which strip out the impact of new stores, rose 7%.Like-for-like sales, which strip out the impact of new stores, rose 7%.
Warm weather across Europe - where Inditex has two thirds of its sales - also helped to boost trade.Warm weather across Europe - where Inditex has two thirds of its sales - also helped to boost trade.
Rival Hennes & Mauritz on Tuesday said the good weather had had the opposite effect, delaying the introduction of its autumn ranges and slowing sales growth in August to just 1%.
Inditex, which also owns Pull & Bear, Massimo Dutti, and Bershka, added 94 new outlets around the world in the first half of the year, most of them under the Zara and Zara Home brands.
It also expanded its online sales network, launching sites in Hong Kong, Macau and Taiwan.
Over the last 12 months Inditex says it has created 12,000 new jobs, 2,532 of them in Spain.