It means the Spanish fashion giant continued its winning run against key rival H&M.

Inditex widened its lead over the Swedish retailer as it delivered fashion trends faster from nearby suppliers.

It was also able to sell more clothes at higher prices to upmarket shoppers.

These moves have helped counter the fast growth of Chinese rival Shein.

But sales are now growing at a slower speed as the pace of price rises moderates.

In January, H&M reported a 4% drop in December and January sales.

While Inditex sales were up a tenth to a record of over $39 billion in the year to January 2024.

Those results were in line analyst expectations.

Inditex's core brand Zara began to raise prices earlier than H&M in response to surging inflation.

But over two years, Zara has raised average prices at a slower pace than H&M and others.

That's according to retail intelligence company EDITED.

It said the average price of apparel in stock at Zara for spring this year is 11% higher than two years ago.

While stocks at H&M and rival retailer Mango are both up 20% versus two years ago.