Fashion group Inditex sees profit surge as online sales soar

Brisk demand and cost controls have generated strong sales and profit growth at fashion giant Inditex in the first nine months of the fiscal year.
Inditex, which in addition to the Zara fashion chain also includes brands such as Massimo Dutti, Pull & Bear and Bershka, earned €3.1 billion ($3.3 billion), almost a quarter more than a year ago.
Revenues meanwhile rose by almost a fifth year-on-year to €23.1 billion from February to the end of October, the Spanish company said on Wednesday.
In addition to the influx of customers in stores, online revenues exceeded the record figure logged for in the same period last year.
The increase in operating costs was slightly below sales growth. This was another reason why operating profit (EBITA) increased by a fifth to €6.5 billion.
The group expects online sales to exceed 30% of total sales by 2024.