Spanish clothing retailer Inditex, the owner of Zara and other brands, has recorded €23.1bn ($24.6bn) in sales for the first nine months of fiscal 2022 (FY22).

The figure represents a 19% increase from the corresponding period of fiscal 2021 (FY21).

Inditex‘s sales for the nine months to 31 October grew by 20% on a constant currency basis, driven by strong performance in all geographic areas.

The company’s traffic and store sales increased ‘markedly’ in the nine-month period, while its online sales were above the same period a year earlier.

Inditex reported a gross profit of €13.5bn for the period, up by 19% from a year earlier, while its gross margin was 58.7%.

The company’s operating expenses grew by 17% and its profit before tax rose by 25% to €4.0bn in the first nine months of the year.

Its earnings before interest, tax, depreciation and amortisation (EBITDA) were €6.5bn, up by 20% from a year earlier, and its EBIT grew by 27% to €4.2bn.

Inditex recorded net income of €3.1bn for the period, up 24% from the same period of FY21.

From 1 November to 8 December, the company’s store and online sales increased by 12% on a constant currency basis compared with a year earlier.

Inditex CEO Óscar García Maceiras said: “In the current challenging context, these results clearly reflect the strength of our unique business model: fashionable collections, an appealing shopping experience and a team highly committed to achieving achieve profitable and more sustainable growth.”

Inditex expects its online sales to represent more than 30% of its total sales by 2024.

In October this year, the company signed an initial agreement to sell its business in Russia to the UAE-based Daher Group.

The company’s Russian stores and online operations have been suspended since March following the country’s invasion of Ukraine.