Spain's Inditex posts record profit

The world's biggest clothing group, Spain's Inditex which controls the Zara brand, posted Wednesday a record 2012 net profit as strong sales abroad, especially in Asia, and a global expansion offset belt-tightening by its domestic consumers. The company said its 2012 net profit rose 22 percent to 2.36 billion euros ($3.07 billion) in the 12 months ending on January 31 while sales were up 16 percent to 15.9 billion euros. Inditex, founded 40 years ago in Arteixo, Galicia, by billionaire Amancio Ortega, the son of a railwayman, reported a net opening of 482 stores during the period, including 121 in China. The company, whose other brands include Bershka, Massimo Dutti and Pull and Bear, now has 6,009 stores in 86 countries. Spain, which is undergoing a double-dip recession, accounted for 21 percent of its sales, down from 25 percent in the previous 12-month period.