Zara owner Inditex climbs to all-time high as 2023 sales jump 10%

Earnings

Shopper carrying two large shopping bags from the clothing retailer Zara on Oxford Street on 5th February 2024 in London, United Kingdom. Oxford Street is a major retail centre in the West End of the capital and is Europes busiest shopping street with around half a million daily visitors to its approximately 300 shops, the majority of which are fashion and high street clothing stores. (photo by Mike Kemp/In Pictures via Getty Images)
Mike Kemp | In Pictures | Getty Images

Shares of Zara owner Inditex hit record highs on Wednesday according to LSEG data, climbing over 6% after the company announced its 2023 full-year results.

As of 10:51 a.m. London time, shares were 5.86% higher at 43.49 euros ($47.54).

Sales increased by 10.4% to 35.9 billion euros for the year, the company said, signaling this was a record high. Net income also reached a fresh high, after soaring by 30.3% from 2022 to reach 5.4 billion euros last year.

The Spanish clothing company owns a range of vastly popular brands including household name Zara, as well as Pull & Bear, Bershka, Stradivarius, premium retailer Massimo Dutti and sports and the athleisure-focused Oysho.

This breaking news item is being updated.

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