Spanish fashion chains' profits rise

THE owner of the Zara and Massimo Dutti fashion chains saw annual profits rise 5 per cent, after it opened another 343 stores last year.

Spain's Inditex said that sales climbed 7 per cent to 11.08 billion (10 billion) after new store space offset a flat like-for-like performance.

And the firm revealed it had made a strong start to the new financial year after a 14 per cent rise in sales in local currencies.

It plans to expand its store network by between 365 and 425 shops this year, including its first stores in India from May. About 40 per cent of the company's new space this year will be in Asia.