Spanish fashion retailer Inditex SA reported on Wednesday better-than expected profits for the first half of the year.
Inditex SA, the owner of the fashion chain Zara, posted net profit of 375 million euros for the period of six months to July, well above analysts' projections of 349.5 million euros.
However, company's net profit plunged by 7.6 per cent in the first half from a year ago, mainly because of new store openings. But total sale increased by 9 per cent in the local currencies to 4.86 billion euros.
Inditex opened 166 outlets during the first six months of the year, taking the total number of outlets to 4,430.
Inditex also revealed its plans to start selling Zara online across the UK and a number of major European markets such as Spain, Germany, Italy, France and the like.
Company's CEO Pablo Isla said, "The Internet is becoming a more and more relevant channel, so it would be logical to continue expanding online with the other formats." Inditex stock has gained 30 per cent so far since the start of the year.