Inditex, the world’s largest clothing retailer, has posted a sharp rise in full-year sales and profit.
The Spanish firm’s net profit rose 22 percent to 2.4 billion euros.
The owner of Zara managed to avoid the problems suffered by many of its rivals with expansion outside austerity-hit Europe.
It opened stores in 64 markets last year, entering Georgia, Bosnia and Ecuador for the first time.
Profit was at the lower end of some analysts’ expectations, however, and its shares fell.
“The drivers are still there, this model isn’t broken, we’re simply slowing down against tougher comparatives,” said retail analyst Anne Critchlow, from Societe Generale in London.