Inditex profits surge on back of global expansion

The Zara store chain's Spanish owner Inditex saw profits surge 12 per cent last year despite the eurozone crisis battering its huge chain on the continent. Inditex, which also owns the Massimo Dutti, Pull & Bear and Oysho chains, said profit for the year rose to €1.93 billion as turnover jumped 10 per cent to €13.8 billion. The company opened 483 new stores last year and now operates a total of 5,527 shops in 82 countries. It opened its first stores in Australia, South Africa, Taiwan, Azerbaijan and Peru last year and plans to open up to 520 new stores in 2012 and launch online shopping in China late this year. Founder Amancio Ortega was recently named the world's fifth richest man by Forbes magazine .