Shares in Spanish clothing company Inditex, which owns the Zara brand, rose to an all-time high on Wednesday after the company reported record revenue growth for 2023. CNBC writes about this with a link to data from the London Financial Exchange.
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Sales for the year increased by 10.4% to 35.9 billion euros – a record figure. Sales increased in all geographic regions and among all Inditex brands, the company said.
A total of 5,692 stores were operating at the end of the year, Inditex reported.
The company plans further expansion in 2024, including through Zara stores in Los Angeles and Las Vegas.
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The company also plans to open new distribution centers in 2024 and 2025 as part of a major logistics expansion plan that will cost the company €900 million in investment.
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Net profit also reached a new high after rising by 30.3% from 2022 to €5.4 billion.
“Inditex's 2023 results were excellent. Our teams were able to take advantage of opportunities for further growth. We are investing to drive future growth and continue to offer attractive rewards to shareholders,” said Inditex CEO Oscar García Maceiras.
The Spanish clothing company owns a number of highly popular brands, including Zara, as well as Pull & Bear , Bershka, Stradivarius, the premium chain Massimo Dutti and the sports chain Oysho.