Zara reports an increase in full-year sales and profits at its UK business despite the subdued performance of its rivals in the last year.
The fast fashion retailer revealed that sales at its UK subsidiary jumped 8.2% to £535.2m in the year to January 31. Pre-tax profits rose from £49.1m the prior year to £58.3m.
Zara opened two new stores in the UK over the last year, in Guildford and Oxford Street in London, taking its total number of UK stores to 68.
In accounts filed at Companies House, the retailer said it planned to open further stores “as soon as suitable opportunities arise” but did not offer a specifics on properties that would be of interest.
Zara is also refurbishing shops across its estate, including upgrades at its Birmingham and Belfast flagships as well as its smaller format shops at London’s Regent Street and in Covent Garden.
The retailer has bucked the trend of high street gloom among rivals including Marks & Spencer, which reported a slump in its full-year profits last month.
Other fashion chains that have dodged the high-street doldrums include Superdry and New Look, both of which reported increased annual sales and profits.
Last week Zara’s parent company Inditex, which also owns fashion chains Pull & Bear and Massimo Dutti, reported a 6% rise in its first quarter net profits to €554m (£429.2m).
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