All segments - Zara, Zara Home, Pull&Bear, Massimo Dutti, Bershka, Stradivarius, Oysho - are growing. The flagship brand Zara, far from the slowdown feared by analysts, has delivered a 21% increase in sales.

For the Spanish group, fiscal year 2022 is in line with an exceptional decade: consolidated sales have doubled from €16 to €32 billion, and operating margins have been admirably maintained at around 17%-18%.

In terms of both growth and margins, this performance leaves Inditex's two historical rivals - Japan's Fast Retailing, owner of Uniqlo, and Sweden's H&M - far behind in the rearview mirror.

Solidly held by the Ortega family, Inditex also defends an excellent balance sheet, with no net debt, a plethora of cash and total liabilities converted by current assets alone.

The group's ability to launch successful new concepts - and to self-finance their development - is now proven. It should reassure those among the analysts who feared that Zara's success was running out of steam.

A simple visit to one of the stores is usually enough to dispel these fears. Like-for-like sales are up 23%, and productivity - sales divided by total sales area - is up 16%.

Online sales, meanwhile, have doubled in three years, although the year 2022 is not sensational, with growth of only 4%. Geographically, Europe still accounts for two-thirds of sales: the potential for expansion in Asia and North America makes us salivate.

Inditex generated €35 billion in profits over the decade 2012-2022. Of this, €21 billion was returned in dividends, €7 billion was used to pay down debt, and the remaining €7 billion was accumulated in cash.

Clearly, the Ortegas like the rule of seven. At x20 earnings, the group is trading below its ten-year average valuation of x27 times earnings.