Spanish clothing company Inditex, which owns Zara and other brands, has reported a gross profit of €18.6bn ($19.7bn) for fiscal 2022 (FY22).

The figure represents a 17% increase from fiscal 2021 (FY21).

Driven by positive performance in all key geographical areas, the company’s sales reached €32.6bn in FY22, up by 17.5% from FY21.

Its sales grew by 18% year-on-year on constant currency basis.

Inditex‘s store sales grew by 23% in FY22 driven by a rise in footfall and store productivity, while its online sales rose by 4% to €7.8bn.

The company’s profit before tax (PBT) increased by 28% to €5.4bn in FY22, compared with €4.19bn in FY21.

Inditex’s net income for the year was €4.1bn in FY22, an increase of 27% from the prior year.

Its earnings before interest, tax, depreciation and amortisation (EBITDA) for the year were €8.6bn, up by 20% from last year.

In addition, Inditex’s earnings before interest and taxes (EBIT) grew by 29% to €5.5bn.

Inditex CEO Óscar García Maceiras said: “The excellent results of 2022 show the strength of our business model and its ability to move towards the next level of development in which our fashion proposition, the experience of our customers, our commitment to sustainability and the talent of our teams will continue to be key.”

On 5 March, Inditex closed its 514 stores in Russia and ended its online presence in the country.

The company had agreed to sell its business in Russia to the UAE-based Daher group last year.

Inditex opened stores in 33 markets during FY22, ending the year with 5,815 stores.

For 2023, the company expects its gross space to grow by roughly 3% and has forecast a -1% currency impact on its sales over the year.

It is anticipating a stable gross margin of ±50 basis points.