Commercial Property News

Zara owner outlines expansion plans

Owner of the Zara clothing chain Inditex intends to open as many as 425 new stores worldwide during 2010.

In its 2009 financial results, the Spanish company said it plans to expand its retail commercial property network by a minimum of 365 outlets this year, with the vast majority (95%) being opened in the international market.

The firm noted it has seen strong sales at the start of 2010, with sales in local currencies rising by 14% between February 1st and March 14th, while "significant sales volumes" are expected to be seen during the Easter period.

During 2009 - in which Inditex opened 343 shops worldwide - it recorded a net income of €1.34 million (£1.2 million), while earnings before interest, taxes, depreciation and amortisation totalled €2.37 billion.

This was higher than analysts had expected, with Reuters reporting Nomura had expected the figure to be around €1.6 billion.

Fraser Ramzan of Nomura told the news agency questions may be asked as to why Inditex had not raised its dividend further given the strong performance.ADNFCR-2842-ID-19673894-ADNFCR

Wed, 17th Mar 2010

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