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Zara owner Inditex profits rise 27%

The world's largest clothing retailer, Inditex, which owns Zara, has reported

another jump in profit, fuelled by rapid international expansion.

Profit in the nine months to 31 October rose 27% to 1.66bn euros ( 1.34bn,

$2.2bn).

In that time, it added 360 new stores in 54 different markets.

The company broke the 6,000-store mark last week when it inaugurated a new

flagship store on London's Oxford Street.

Inditex owns Zara, Massimo Dutti, Bershka and Pull and Bear.

The company said that it created 6,598 new jobs in the first nine months of

2012, taking its total workforce to 116,110 people.

Sales gained 17% to 11.4bn euros.

"Inditex's strategy of diversifying its sales worldwide continues to pay

dividends, reducing its exposure to the difficult European market," said Matt

Piner of retail analysts Conlumino.

"With the global outlook remaining extremely tough for 2013, Inditex will

struggle to maintain its stellar growth rates, particularly on a like-for-like

basis. However, the group will undoubtedly continue to outperform its peers."

Zara created online shopping for its Chinese customers in September and plans

to open another online store in Canada in 2013, Inditex said.

It also said that it opened its first Massimo Dutti store in the North American

market, in New York in October.

The company has spent hundreds of million in its home market of Spain in

commercial and logistics activities aimed at supporting international growth.