Zara owner Inditex reports record profit on Christmas sales

Meanwhile, H&M, the world's second-biggest fashion retailer, reported on Wednesday a 12% increase in December-February net sales while, measured in local currencies, sales were up 3%.

Operating profit rose 29% to €5.5bn, the company said Wednesday. That was just short of the average analyst estimate. Pic: Collins Photo Agency

Inditex reported record earnings as the Zara clothing chain operator benefited from strong demand over the Christmas holiday sales period. The company is raising its dividend by 29%.

Operating profit rose 29% to €5.5bn, the company said Wednesday. That was just short of the average analyst estimate.