Zara owner feels pain of recession

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

Inditex - Europe's largest clothing retailer, which also owns fashion chain Massimo Dutti - also said Zara will go online during the Autumn-Winter 2010 season for the first time.

It said reported same-store sales fell 2% in the six months to the end of July this year.

Profits were down 3% from €822 million (£723 million) in the first half of last year to €799 million for the same period this year - although this was better than the €780 million expected by analysts. Shares in the company rose 3% on the figures.

"Tight cost control is key to these better-than-forecast figures," said Credit Suisse analyst Tony Shiret. "The second quarter is the first in two years where costs have grown slower than sales. This is a major turnaround."

The Spanish retailer has been hit hard in its home country where the recession has sent unemployment soaring more than in the UK.

It said total sales at its 4430 stores, which it has in 73 countries, were up 9% since the start of August.