Best-ever year for Inditex

Linda Hall

MARTA ORTEGA’S first year as Inditex president brought a record profit and income.

The fashion empire, which was founded by her father Amancio Ortega, owns the Zara, Massimo Dutti, Bershka and Oysho brands and reported a net profit of €4.1 billion over its last fiscal year, a 27 per cent increase on 2021.

Even after a 5 per cent price increase introduced last year to offset rising costs, in­store and online turnover grew by 17.5 per cent to €32.6 billion, the company announced.

These results arrived at the end of a year of change, following the departure last April of Pablo Isla who took

BRITAIN’S government needs to help the UK’s car industry compete internationally in electric vehicle (EV) production.

Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders (SMMT) highlighted the fierce competition from other countries, as the US and European Union launch large­scale initiatives.

The warning came after reports that the Chinese car manufacturer BYD had ruled out Britain for its European production site.

Reduced energy costs, prompt funding for green technology projects and extended free trade agreements were some of the ac­

Merger boost

MASMOVIL’S revenue and profits enjoyed a boost last year ahead of its planned merger with Orange.

Earnings totalled approximately €2.9 billion in 2022, an increase of 17 per cent on 2021, while income from services increased by 19 per cent to €2.6 billion. At the same time MasMovil was also able to reduce its debt by €500 million while its portfolio of clients continued to grow with the addition of 800,000 new lines. Of these, 227,000 corresponded to broadband connections and 565,000 to mobile clients.

over from Amancio Ortega as Inditex president in 2011. His place was taken by non­executive president Marta Ortega and Oscar Garcia Maceiras, the company’s CEO.

Despite its higher overheads, the company’s exit from Russia and Chi­ na’s continuing Covid restrictions, last year was the best in the company’s history, easily overtaking Inditex’s €3.6 billion profits and €28.3 billion turnover in pre­pandemic 2019.

Inditex nevertheless surprised investors with a hike in capital expenditure from €1.1 billion in 2021 to last year’s €1.6 billion, higher than the market had foreseen and responsible for a 3 per cent fall in shares.

“It is the right thing, to keep on investing for future growth,” Maceiras insisted.

Zara led the group with a pre­tax 38.5 per cent compared with the previous year, although the pre­tax profit fell at Oysho and Massimo Dutti, by a respective 12 and 10 per cent.