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financial

Expansion Boosts Inditex Net

Inditex Group, the Spanish retailer that owns the fast-fashion Zara chain, on Monday said aggressive openings in Asia and Russia drove profits up 25 percent last year and that sales remained robust in February and March.

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Meanwhile, 80 new stores are planned for Russia, mostly in and around Moscow and St. Petersburg. But Isla said stores also will open in regional Russian capitals such as Samara and Krasnodar.

Inditex should achieve like-for-like sales growth of 4 percent this year as the company balances slower growth in Spain, where consumer spending is hamstrung by a turndown in the housing market, with other faster growing markets, he said.

Zara continued to be Inditex's cash cow, with net sales accelerating 13 percent to 6.26 billion euros, or $8.64 billion.

Sales at the teen-oriented Bershka chain grew 16 percent to 925 million euros, or $1.28 billion, while sales at the more mature Massimo Dutti brand advanced 13 percent to 696 million euros, or $960.5 million.

Pull & Bear sales grew 18 percent to 614 million euros, or $847.3 million; sales at the Stradivarius chain climbed 22 percent to 521 million euros, or $718.9 million, and revenues at the Oysho lingerie chain leapt 30 percent to 213 million euros, or $293.9 million. Zara Home's sales jumped 45 percent to 201 million euros, or $277.4 million.
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