Spanish fashion retailer Inditex SA (IDEXF.PK) Wednesday reported 22 percent increase in fiscal 2012 profit, as net sales climbed as a result of more store openings. The company also said its board will propose a 22 percent rise in dividend.
Inditex expects to increase its stores by between 440 and 480 new establishments in 2013.
For the fiscal year ended January 31, 2013, the company's net income increased 22 percent to 2.3 billion euros.
Net sales climbed 16 percent to 15.9 billion euros. In constant currency terms, annual net sales were up 14 percent. Like-for-like store sales grew 6 percent from last year.
In addition, the board will propose at the Annual General Meeting to raise dividend by 22 percent to a total of 2.20 euros per share. The dividend will be distributed as an interim dividend of 1.10 euros per share on May 2, 2013, followed by a combined final dividend and bonus dividend of 1.10 euros per share on November 4, 2013.
At the end of 2012, Inditex had 6,009 stores, an increase of 482 stores from last year. The company said it opened new stores in 64 markets, including initial launches in five countries.
Inditex noted that all of its retailers continued to steadily expand online shopping into new markets, and as of the end of 2012, the firm offered an online platform in 22 countries.
The company also plans expansion of more than 70,000 square meters at Inditex corporate headquarters in Spain. The project is currently at construction stage and is scheduled for inauguration in the second quarter of 2013, it said.
In Madrid, the shares are currently trading at 104.85 euros, down 3.32 percent.
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