Zara sales soar by more than fifth

Sales at fast fashion brand Zara jumped by 21 per cent in 2022, according to the retailer’s latest financial results.

Zara parent Inditex, which also owns Pull&Bear, Massimo Dutti, Bershka, Stradivarius, and Oysho, recorded an overall sales boost of 18 per cent to €32.6 billion.

The company said that last year traffic and store sales increased markedly, with this trend continuing into 2023.

Over the 12-month period, store sales were up by 23 per cent, despite the company permanently closing 514 sites in Russia and temporality shutting down 82 stores in Ukraine.

Even though online sales grew by a modest four per cent, they beat the record levels of the previous year, reaching a total of €7.8 billion.

“The excellent results of 2022 show the strength of our business model and its ability to move towards the next level of development in which our fashion proposition, the experience of our customers, our commitment to sustainability and the talent of our teams will continue to be key,” said Óscar García Maceiras, chief executive of Inditex.

The results were likely no surprise to Zara, which reported record high sales growth and income for the first six months of 2022.

During the period, Zara saw sales increase by 29 per cent to €10.9 billion.

Fellow fast fashion giant Primark also recently announced strong results for the first half of the year to 4 March, having raised its profit guidance after a jump in sales over the period.

Last month, Primark owner Associated British Foods said it expected total sales of £4.2 billion, 16 per cent ahead of the same period of 2021/2022.

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