While earnings reports from other retailers have been a mixed bag, it’s no surprise that Spanish mega-merchant Inditex’s numbers are up.
Net sales spiked 11 percent for the nine months ending October 31, 2016, totaling 16.4 billion euros. Sales from November 1 to December 12 are up 16%.
The company reported a 9 percent increase in net profits to 2.2 billion euros for the first three quarters compared to the same period in 2015.
In addition to having an e-commerce presence in 41 markets, the company is now taking over phones with a move into mobile, launching mobile payment in all of its stores in Spain in September. The retailer’s InWallet app is based on proprietary technology that allows shoppers to manage both online and in-store purchases across all eight of its brands.
The retail giant is the parent company of fast-fashion favorite Zara, which continues to have the apparel industry in its thrall by giving new meaning to speed to market. The chain has trained its fans to shop often and at full price–behavior other retailers covet. (Compare that to Neiman Marcus’ statements in its latest earnings report, which underscored these two things as the retailer’s biggest challenges.)
Intidex operates 7,240 stores, including Zara, Pull & Bear and Massimo Dutti, in 93 markets. The company opened 101 new stores in Europe, 41 new stores in the Americas and 85 in Asia through the third quarter of the year, five of which were in new markets.