Zara Owner Inditex Sees 2012 Net Profit up 22 Pct

Spanish clothes retailer Inditex, which owns the Zara store chain, has posted a 22 percent increase in net profit in 2012 thanks to growth in eastern Europe and in online sales in Canada and China.

Inditex said Wednesday that profit for last year grew to €2.36 billion ($3.08 billion). Sales were up by 16 percent to €15.9 billion.

The company opened 482 stores in 2012, making for a total worldwide of 6,009. It said it also planned to open a Zara online store in Russia before the end of 2013.

Founded in 1975 by Amancio Ortega, Inditex operates eight brands including Massimo Dutti, Bershka, Pull & Bear and Oysho.

Inditex's shares were down 3.3 percent at €104.85 in morning trading in Madrid.