This document discusses the financial performance of Inditex, the parent company of Zara. In 2017, Inditex's sales increased 10% to $22 billion but its gross profit margin declined slightly to 59.4% from the prior year. While currency movements affected margins, analysts believe long-term challenges to Inditex's business model may also be a factor. Inditex has advantages over competitors through its ability to quickly deliver new fashion trends to stores and online through a centralized inventory and integrated global platform. However, competition in the fast fashion space and currency fluctuations continue to put pressure on Inditex's margins.