Spain's Inditex sees 2014 profit up 5 percent as sales in Zara and other stores surge

MarketsAssociated Press

Spanish fashion retailer Inditex, which owns Zara stores, says its net profit rose by 5 per cent in 2014 following a surge in sales.

The company said Wednesday that profit for February 2014 through January 2015 rose to 2.5 billion euros ($2.7 billion) from 2.4 billion euros for the previous 12-month period.

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It said sales jumped 8 percent to 18. 1 billion euros.

Inditex says it has opened 343 new stores over the year for a total of 6,683. It increased its staffing by 8,741 employees to 137,054.

Founded in 1975 by Amancio Ortega, Inditex operates eight brands including Massimo Dutti, Bershka and Oysho.

The company's shares were up 2.4 percent at 28.8 euros in morning trading in Madrid.