Zara's UK profits drop sharply despite record sales

Fashion chain blames fall on investment programme involving store refurbishments and moving its London head officeZara has recorded a sharp fall in UK profits despite sales breaking through the £600m barrier for the first time.Pre-tax profits at the British subsidiary of the Spanish fashion group Inditex, which owns the Zara brand, dropped by one-third to £39.2m in the year to 31 January, down from £58.3m in 2016. Sales rose by 13% to £602.7m. Continue reading...