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Inditex Net Income Up 2%, Currencies WeighThe company will add Zara Home products to the Zara website in a number of markets starting next fall.
[Collection]PARIS — Zara-owner Inditex posted a 2 percent rise in net income in 2018, weighed down by currency rates, as it continued its push online, including plans to bring Zara Home products onto the Zara site later this year.
The Spanish fast fashion company has been sprinting past rivals, rolling out state-of-art logistics systems and taking its digital services to more and more markets around the world, with the view to having an online presence everywhere in the world by next year.
The company is also using its digital prowess to focus on margins and keep a tight rein on inventories, opting out of the price-slashing frenzy that swept rivals during the holiday season last year.
Net income for year period ended Jan. 31 totaled 3.4 billion euros, a 12 percent rise at constant currencies. The company did not provide a quarterly breakdown in its initial statement.
Sales for the year rose 3 percent to 26.1 billion euros, up 4 percent on a like-for-like basis, increasing in all geographic areas and for all labels, both in stores and online. In addition to Zara, other Inditex labels include Pull&Bear, which it introduced to the U.S. market in February, and Massimo Dutti.
The company has been rolling out its online platforms
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