MADRID (AFP) – Zara owner Inditex, the world’s biggest fashion retailer, reported record profits for 2022 despite halting operations in Russia and soaring global inflation.
Net profit reached EUR4.1 billion last year, a 27 per cent jump from 2021, said Inditex, whose eight brands include younger fashion chain Pull&Bear and upmarket label Massimo Dutti.
Sales also hit a record, surging 17 per cent to EUR32.6 billion.
“The excellent results of 2022 show the strength of our business model,” said Inditex chief executive Oscar Garcia Maceiras.
Inditex, like many other Western companies, closed up shop in Russia last year following the invasion of Ukraine and sweeping Western sanctions against Moscow.
The group shut its 514 stores in Russia, its second biggest market after Spain.
The shops were sold to Emirati group Daher in October.
