The owner of the Zara and Massimo Dutti fashion chains today said annual profits rose 5% after it opened another 343 stores in the year.

The owner of clothing retailer Zara today posted a 25% jump in profits after a year of intensive global expansion.

Spanish fashion chain Zara saw shares soar on its first day as a quoted company, making its founder Amancio Ortega one of Spain's richest men.