Inditex SA, owner of fast-fashion chain Zara, on Wednesday reported Q4 net profit of €952 million (about $1.01 billion U.S.) on sales of €6.91 billion, compared with analysts’ estimates of €961 million and €6.94 billion cited by MarketWatch.
Inditex’s 2016 net profit rose 10% to €3.16 billion ($3.36 billion) from €2.88 billion, and sales for the year rose a record 12% to €23.31 billion, more or less meeting FactSet analyst expectations for €3.18 billion in net profit and €23.33 billion in sales. Full-year same-store sales rose by 10%, up from 8.5% in fiscal year 2015, with positive same-store sales growth in all geographies and across all brands.
During the year, Inditex opened 279 stores (net of closures) in 56 markets, including five new markets, lifting its network to 7,292 stores in 93 markets. The company plans to open between 450 and 500 new stores in 2017 while absorbing 150 to 200 smaller locations, and will accelerate its e-commerce operations: Zara’s online store will go live in Thailand and Vietnam in the near future, launching in India during the second half of the year.