Sales at Zara owner’s Dublin online unit jump 40%
Spanish retailing giant Inditex makes profit of €54.7m through its online operation
Zara’s owner Inditex made sales of €317 million through its Dublin unit, ITX Fashions.
Inditex, the Spanish retailing giant behind Zara, Massimo Dutti and Pull & Bear, recorded €317 million in sales last year through ITX Fashion, a Dublin unit that handles online sales for the US and parts of Asia.
The revenues, up more than 40 per cent on the prior year, were for the 12 months to the end of January 2016. ITX made profits of €54.7 million, up from €45 million the previous year.
The strength of the underlying profit growth was stunted, however, because the comparative figure was boosted 12 months ago by a one-off €5 million dividend from a subsidiary. Excluding the effect of this, ITX Fashions profits spiked 36 per cent, while it held assets on its balance sheet of €250 million.
ITX Fashion employs about 19 staff, and owns subsidiaries in countries including the US, Korea, Turkey and Mexico. Most online sales in Europe are handled by a separate unit in Spain.
The Dublin online unit’s directors include Jose Manuel Romay, one of Inditex’s finance chiefs.