Spain's Zara owner says investing weighs on profit
MADRID -- Spanish fashion retailer Inditex, which owns Zara stores, says its profits barely grew in the year to end-January as it continued to invest heavily in new stores globally.
The company said Wednesday net profit during the period was up 1 percent at 2.38 billion euros ($3.31 billion) as sales rose 5 percent to 16.7 billion euros.
The company said it invested €1.2 billion euros refurbishing and expanding its stores, offices and logistics platforms. Store numbers increased by 331 to total 6,340, while 8,000 jobs were added, taking the total workforce to 128,313.
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