Amancio Ortega’s Inditex has announced a 5.2% rise in annual net profit to €2.5bn (£1.8bn).
Like-for-like sales grew 5% during the last calendar year for the company, which owns fashion brands including Zara.
The Spanish retailer said profits were boosted by rebounding sales in the Spanish market, and helped overall sales to rise by 8.3% to €18.1m.
Last year the fashion giant spent just under €1.4bn on store openings and an expansion of its headquarters and logistics centres, including 343 new stores in 54 countries.
This year, Inditex said it has budgeted €1.35bn for capital expenditure to fund the opening of between 420 and 480 new stores and the closure of 80-100 smaller shops.
Inditex owner Amancio Ortega is the richest man in Europe and the fourth richest in the world, according to Forbes.
His real estate arm, Ponte Gadea, has become one of the most active trophy real estate buyers in London.
