Zara parent company profits despite soaring cotton prices
23 March 2011 Last updated at 11:28 GMT
The company that owns the Zara retail chain appears to be profiting from its aggressive expansion into emerging markets such as China and India.
Inditex, the world's largest clothes chain, has posted a 32% jump in annual net profit to 1.73bn euros (£1.5bn).
Maureen Hinton from Verdict says Inditex brands are better able than many to raise prices without losing too many sales.
Nigel Cassidy reports.