BUSINESS

Inditex raises dividend by 10 percent after record sales in 2013

Profit growth of Zara brand owner is slowed down by currency depreciation

The exterior of a Zara store in Barcelona.
The exterior of a Zara store in Barcelona.ALBERT GEA (REUTERS)

Inditex, the parent company of Zara and other clothing brands, ended 2013 with record sales and profits, as it has managed to do every year since the economic crisis began.

Revenues across its 86 markets came in at 16.7 billion euros, the company reported on Wednesday.

Net profits were 2.4 billion euros, up 1 percent from a year earlier. But profits grew at the slowest pace seen since 2008, hampered by the impact of currency depreciation in many of the markets in which Inditex operates.

The fashion giant founded by Amancio Ortega, a Galician who is the world’s third-wealthiest man, has decided to raise its share dividend by 10 percent to 2.42 euros, representing a total handout of over 1.5 billion to shareholders. Of this amount, nearly 900 million euros will go to Ortega, who remains the firm’s main equity holder.

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