Fashion retailer announces profits rise

<p>Zara’s owner Inditex has seen profits rise.</p>

Profits are up at the world's largest online fashion retail company, it has been announced.

Zara's owner Inditex revealed that its profits rose by more than 22 per cent to 2.3 billion euros (£2 billion) in 2012 and also announced plans to open more than 440 stores in 2013.

Nomura research analyst Fraser Ramzan described the performance of the firm – which also owns brands Massimo Dutti, Bershka and Pull and Bear – as "strong".

"It's a stand out performance relative to any mass market retail business in Europe," he was quoted as saying by BBC News.

Despite the rise in profits for the company, it narrowly missed analysts' high expectations.

Its share price was down on the back of the results yesterday (March 13th) and in the early minutes of today's trading, stocks were continuing to fall.

At 08:30 GMT, Inditex was trading at 105.10, which is 0.55 points down on the start of the day, a drop of 0.5 per cent.

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