Zara

Zara Home to go online in the UK.

zara bag
Getty Images

Another retailer reporting is Inditex - the Spanish owner of Zara - and described as the world's biggest fashion retailer.

It says good summer weather in Europe and favourable foreign exchange effects helped boost profits to €1.5bn (£1.4bn) in the first six months of its financial year to 31 July.

Total sales rose 7% to €12.82bn while like-for-like sales - which strips out new store openings - rose 5%

It says its autumn/winter initial collections "have been well received".

For UK shoppers, it says its ZaraHome collections will be available on the Zara website and will be rolled out across new markets progressively over the coming year.

Do companies like Zara have a responsibility to combat fast fashion?
Do companies like Zara have a responsibility to combat fast fashion?

Zara-owner profits up

zara shop
zara shop

Inditex - owner of Zara and Massimo Dutti - has reported a 10% rise in first quarter profits.

The world's biggest clothing retailer said sales in the first quarter hit a record of €5.9bn (£5.25bn) while profits rose 10% to €734m.

Chairman and chief executive Pablo Isla said the figures demonstrated "the solidity of the company's model, whose profitability and cash flow generation continues to grow owing to the group’s commitment to customer-driven quality fashion".

No discounting, says Zara owner

zara shop
MARC ALEX

Inditex, the world's largest clothing retailer, says it has not been discounting prices like its rivals.

The owner of Zara, Massimo Dutti and Bershkowner reported net profit of 2.4 billion euros (£2.1bn) for the first nine months of its financial year, up 4% on the year, and maintained guidance for the second half of the year.

Its profit margin grew in the third quarter while like-for-like sales in the second half of 2018 to the end of November were up 3%.