Profits up 32% for Zara owner

The world’s largest clothing retailer, Zara owner Inditex, posted a 32% jump in first-half year profit yesterday, taking market share in its home market Spain and grabbing new customers online and in emerging markets.

The retailer, which runs eight brands including upmarket Massimo Dutti, youth label Bershka and underwear store Oysho, posted net profit of €944m, compared with €905m forecast by banks and brokerages.

“The drivers are certainly there — the rapid rollout of online sales and fast fashion — but even so it’s a spectacular performance,” said Anne Critchlow, analyst at Societe Generale.