Zara owner Inditex posts 32% jump in profits
The company that owns the Zara retail chain appears to be profiting from its aggressive expansion into emerging markets such as China and India.
Inditex, the world's largest clothes chain, has posted a 32% jump in annual net profit to 1.73bn euros (£1.5bn).
The Spanish company, which has 55,000 stores in 77 countries, targeted Asia's fast-growing economies in 2010.
Sales in Asian countries accounted for 15% of turnover last year, up from 12% in 2009.
Spain's sluggish economy and high unemployment raised concerns among investors that Inditex would suffer in its home market.
However, the company has managed to increase its market share in Spain.
"It is testimony to how well managed this business is and how it can continue to grow in a slower environment," said Rebecca McClellan, analyst at Santander bank.
The company, whose labels include Pull & Bear, Massimo Dutti, Bershka, and Stradivarius, opened its first Zara shop in 1975.