Inditex, the owner of fashion store Zara, is shrugging off the gloom seen at some fashion retail rivals, predicting full-year sales growth of up to 6%. It also posted a third-quarter profit of $1.3 billion
), owner of fashion chain Zara, shrugged off malaise affecting the broader apparel sector to post strong profit growth on Wednesday and forecast full-year same-store sales of up to 6%.
At a time when fashion retailers are struggling to adapt to changing shopping habits, Inditex has benefited from its ability to quickly deliver small batches of the latest designs to consumers due to its fast and flexible sourcing arrangements. Inditex said the low inventory and strong sales seen in the financial period was thanks to its business model of tight control of products throughout the supply chain and quick response to trends due to short design-to-production times.
The company said it was on line to have stock-tracking technology RFID on products across its stable of brands by 2020. The RFID tags attached to clothing allow the company to match items to buyers, meaning more is sold at full price.
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