Clothing retailer Inditex, owner of the Zara and Pull & Bear brands, has achieved record first-quarter sales and profits following efforts to bring its online and offline businesses together.
The company achieved sales of US$6.681 billion during the quarter, up 5 per cent from last year’s $6.374 billion. Inditex’s online business now accounts for 12 per cent of its total net sales.
Net profit came in at $827 million, up more than 10 per cent year on year.
“The figures demonstrate the solidarity of the company’s model, whose profitability and cash flow generation continues to grow owing to the group’s commitment to customer-driven quality fashion,” said Inditex’s chairman and outgoing CEO Pablo Isla. Isla will be replaced by the firm’s current COO Carlos Crespo in July.
Inditex’s results are proving the effectiveness of the firm’s emerging strategy to digitally reform its integrated store and online sales systems, as well as taking focus on issues of sustainability.
All Inditex brands and products are scheduled to be made available online by next year.