Zara had a very good 2016

Fast fashion is big business for the Spanish company...

Zara had a very good 2016

Zara-owner Inditex has announced that it registered a 10% increase in its full-year net earnings last year as they rose to €3.16bn.

The group's margins sank to a seven-year low as currency shifts affected its business and prices fell.

Inditex's brands also include Bershka, Massimo Dutti, Stradivarius and Pull & Bear.

It recorded same-store sales growth of 10% - as the company invested €1.4bn in new technology and refining its e-commerce platform - while also opening new stores.

The group added 279 outlets last year - spread across 56 markets. It entered five new territories, bringing its business to New Zealand, Vietnam, Paraguay, Nicaragua, and Aruba.

This increased its total store count to 7,292 shops in almost 100 countries.

Zara / Facebook

It employed 162,450 staff members around the world at the end of 2016.

Inditex ended the year with a cash pile of €6.1bn - it plans to raise its dividend by 13% - to €0.68 per share.

The chairman and CEO of Inditex Pablo Isla said, "These are a positive set of results against a backdrop of strong prior-year performance. This is a direct result of the commitment, spirit and ambition of all the professionals comprising the Group, their dedication to the company, passion for fashion and focus on sustainability."

He added that 2017 is set to be another year of strong expansion for the fashion firm.