Inditex, owner of fashion chain Zara, has reported a 7% jump in annual net profit despite negative headwinds from a strong euro and helped by double-digit growth in online sales.
Inditex reported net profit of €3.37 billion, in line with analyst expectations.
It posted revenue of €25.34 billion, also in line with analyst expectations for the financial year which runs from February to January.
The retailer, which owns a stable of brands from upmarket label Massimo Dutti to home wares chain Zara Home, said online sales grew 41% over the year to reach 10% of net sales across the group in 2017.
It is the first time Inditex has broken out online sales.
Unlike many fashion retailers struggling with competition from online vendors like Amazon, Inditex is holding up well as brands like Zara merge their high street presence with a slick online offering.
Large stores in prime shopping areas act as a showcase for clothing which can be bought there and then or ordered later online via the app or website. Online purchases can be picked up or returned in store.
The company said sales at constant exchange rates grew 9% in the first five weeks of the new financial year as shoppers snapped up items from the spring/summer .
Inditex is vulnerable to foreign exchange rates as it reports in euros yet makes around half its sales in other currencies.
Shares in the company fell to a three-year low last month after analysts cut their price targets on the stock due to the effects of a strong euro, which has strengthened against most global currencies since the beginning of the year.
It proposed a dividend of 0.75 euros per share, an increase of 10.3% on the same time last year.
