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Zara news and facts history

Zara is a Spanish chain store of Inditex Group. Amancio Ortega founded Zara in 1975. Ortega started manufacturing in 1963 and opened his first store in La Coruña by the name Zara in 1975. Inditex owns several brands like Zara, Zara Home, Kiddy's Class, Pull&Bear, Massimo Dutti, Bershka, Stradivarius, Often and Oysho.

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Zara profit from oversea sales

Overseas sales and cost controls have helped Zara owner Inditex to report market-beating profits for the February-to-April quarter.The Spanish conglomerated reported a rise in net income of more than a third to 200m euros. One of Europe's fastest-growing fashion retailers, Inditex said it also gained from the weak US dollar in which it buys most of its raw materials.

It opened 114 stores worldwide in the quarter and now has 3,245 outlets. It also announced plans for further expansion, aiming to open between 440 and 520 new stores worldwide across its eight brands - which also include Pull and Bear, and Bershka - during the 2007 financial year.
14 June 2007

Inditex wins retailaward

Inditex was awarded the Retailer of the Year award during the World Retail Congres, which was held by the first time in Barcelona. The event, organized by European media group Emap, was attended by 1,000 leading retail industry executives. Over 100 speakers, including such retail luminaries as Tony DeNunzio of Maxeda and Sir Terry Leay of Tesco, took part in the congres.

Spanish retail group Inditex – owner of successful fashion chains such as Zara, Berschka and Massimo Dutti – was honoured for its achievements thus far and also for the results it posted for the full year 2006, with which it overtook H&M to become Europe's leading fashion retailer. The jury consisted of ten leading retail executives, including Paul Charron, chairman of the board of Liz Claiborne, and Sir Geoff Mulcahy, chairman of the British Retail Consortium. Other companies to be recognized at the event included Marks and Spencer as Responsible Retailer of the Year and Sainsbury's for Marketing Campaign of the Year.
24 April 2007


World Retail Awards recognizes Zara and Kate Moss

Zara owner Inditex, the Spanish retailer, and Kate Moss last week were crowned as Retailer of the Year and Icon of the Year at the inaugural World Retail Awards in Barcelona. The successful high street company "had a stunning year and continued to build on its reputation to deliver fast fashion" said judges. Inditex won over Neiman Marcus, Target, Best Buy, Tesco and Whole Food Markets.

WGSN subscribers voted for their Consumer Icon of the Year - recognising the celebrity who the global retail and fashion industry believes to have the greatest influence on style, trends and consumer demand. Kate Moss won the award and sent a video link thanking WGSN's readers for their votes. Moss also mentioned how much she has enjoyed working with UK retailer Topshop on her new range.

The World Retail Awards, which are being held alongside the World Retail Congress, recognised excellence in six categories and fashion retailers put in a strong performance across the board. Marks & Spencer won the Responsible Retailer of the Year award for what judges called its "clear commitment to making a difference".
2 April 2007


Inditex reaps profit after expansion

Zara's owner Inditex on Thursday posted a 25% jump in profits after a year of intensive global expansion. The Spanish company banked full year net profits of €1bn after it opened 439 stores in the year to January 31. The company said it invested a total of €1.03bn on its growth programme as it moved to raise its international presence. The expansion took the total number of group stores to 3,131, while the group's entry into Serbia, Tunisia and China last year means that it now operates in 64 countries worldwide.

Looking ahead, Inditex said it would continue to build on its European and Asia-Pacific presence, with between 440 and 520 stores planned for 2007. It said capital expenditure would be between €850m and €950m. The group, which also owns the Massimo Dutti and Bershka chains, said that sales rose by 22% to €8.2bn, with sales in Europe overtaking Spanish sales for the first time. International sales accounted for 60% of total group sales.

The company also managed to maintain its gross margin – a measure of profitability – at 56.2% during the period. The firm does not provide any further breakdown of its results. Last year, Inditex overtook Swedish fashion retailer Hennes & Mauritz (H&M) as Europe's largest clothing retailer. It works on a “fast fashion” ethos, where designs are swiftly replicated from the catwalks and brought to stores at affordable prices.

Clothes are produced in a limited number and new ranges introduced frequently to ensure shoppers do not get bored with what is on offer. Inditex – which stands for Industria de Diseno Textil – also announced that it will present its Environmental Strategic Plan to foster its energy saving policy for the use of renewable energies and emissions reductions in July.
22 March 2007


Inditex opens 3,000 th store

Spanish retailer Inditex opens its 3,000 th store today. It achieves the milestone with a Zara Home format store in downtown Valencia . The group, which counts Zara, Berschka, Pull and Bear and Massimo Dutti among its stable of eight brands, has grown explosively in recent years. It has opened 1,000 stores since the launch of its 2,000 th store in Hong Kong in May 2004. In 2005, net sales reached €6.741 billion, with a market capitalization exceeding €23 billion.

Inditex focuses on opening its stores in prime locations in major cities and pays as much attention to the architecture as the fashion assortment. Prime examples are its stores in the Marmorhaus lounge in Berlin , the Haas Haus in Vienna and on the rue de Rennes in Paris . With the group's stores acting as an “image tool” for the company, window displays play a major role. “Each format changes the windows of all its stores every fortnight during the season, with two additional window displays during the summer and winter sales periods,” the group said.

Inditex now has stores in more than 400 cities in 64 countries. “If we were to join the 3,000 Inditex stores, they would take up the two pavements of Broadway, throughout its 25 kms from top to end in Manhattan ,” boasted the company.

The group plans to continue expanding mainly in Europe – which accounts for 80 percent of total turnover - while introducing its other formats where its top-performer Zara is already present, including Norway and Serbia , Italy and Greece and Poland and Lithuania . It expects growth of its younger formats to be “significant”. Asia-Pacific is the group's second most important market. Last week the company announced its expansion progress in the Far East . Massimo Dutti just opened its first store in Indonesia , while Pull and Bear just opened its first two stores in Singapore . Zara and Massimo Dutti already have stores in the city state. The group now counts more than fifty stores in the region, having launched twenty outlets in six Asian countries in 2006. Zara has opened more than 90 new stores worldwide in the current fiscal year, Berschka launched more than 40, Oysho with more than 30 and Kiddy's Class, Pull and Bear, Massimo Dutti, Stradivarius and Zara Home with more than 20 stores each.
17 October 2006


Zara continues to drive Inditex profit

Spanish fashion group Inditex has reported a rise in second half profits of 14.6 percent, thanks to “outstanding” sales at its Zara chain. Sales for the three months ended 31 July rose 19.7 percent to €1.76 billion, with net income at €144.7 million, up from €123.6 million last year. Meanwhile, sales for the first half surged 23 percent to €3.47 billion, while net income rose 19 percent to €296 million.

“Zara showed outstanding growth,” said deputy chairman and chief executive Pablo Isla. “The quarter was quite strong.” He also said that sales had been solid in August and early September and revealed that the company would continue to expand aggressively. Major areas for growth opportunity for Zara, which accounts for 66 percent of total group sales, include Asia , Russia and Italy . Isla said the chain would have 40 outlets in Italy before the end of the year. Zara opened its first store there in 2002. Meanwhile, Asia is a market rich with opportunities for Inditex. The company wants to open stores there twice as fast as in the rest of the world, said Isla. Zara opened its first stores in Shanghai earlier this year and according to Isla, sales there have exceeded expectations. “Sales to white collar locals and overseas transplants have been above our initial expectations,” he said, adding that Zara's first Beijing store would open before the end of the fiscal year. The company plans to expand its total retail space this year by 15 to 20 percent and will invest as much as €950 million in new store openings. Zara is expected to open approximately 150 stores this year, having opened 129 stores last year. During the first half, the group's eight store formats – Zara, Berschka, Massimo Dutti, Pull & Bear, Stradivarius, Kiddy's Class, Oysho and Zara Home – together opened 208 stores. Berschka will open up to 75 new stores, while Massimo Dutti will open 40 more stores. Although growth was seen in most markets, Isla said Germany was still a challenge for the group. A spokesman declined to comment on why this might be, stating that the group does not comment on individual markets.
21 September 2006


Zara increases brand value

Spanish fashion brand Zara is among the top brands in terms of value worldwide. This year, it gained 14 percent in brand value to $4,235 million (£2,233 million), according to brand consultant Interbrand. Last year, the chain joined the ranking for the first time, coming in at number 77. This year’s increase is the highest ever achieved by a fashion retailer on the top 100 list, placing in at number 73.

Interbrand is a leading brand consultancy and its ‘Best Global Brands’ ranking is one of the world’s most important monitors of brand value and influence. The US-based company teams up each year with BusinessWeek to publish the list, which is now in its sixth year. “In the majority of cases, those who made the ranking are proactively managing their businesses through a brand lens,” Interbrand chief executive Jez Frampton said in a statement. The company calculates brand value as the net present value of the earnings the brand is expected to generate and secure in the coming year.
11 August 2006


Inditex to buy Omnium stores

Spanish fashion group Inditex has announced it has reached a preliminary agreement to take over 15 retail outlets from the French Omnium Group. Inditex will incorporate 10 Bouchara outlets and five Eurodif stores, located in 14 high street locations, into its own network of stores in France. If all goes according to plan, the transfer will take place at the end of 2006 and the first half of 2007. These locations will then house various Inditex retail formats. The 250-strong Omnium staff currently employed at these locations would join the Inditex staff in France.
This transaction is part of Inditex’s retail expansion plan in France. The group currently operates 127 stores in that country. Its first entry into the French market was with a Zara store opening in Paris in 1990. Since then, the group has opened 92 Zara stores in France.  The first French Massimo Dutti store was opened in 2002, while Berschka opened there in 2003. Dutti now has 11 points of sale and Berschka 21 points of sale in the French market. The first Pull and Bear store made its French entrance in 2005. This year the group opened the first Zara Home store there. Meanwhile, Stradivarius only has one store in France, which opened in 1999.
14 July 2006


Asia drives Inditex profits

Spanish fashion retailer Inditex has reported a rise in first quarter profits of 20 percent, driven by strong sales in Asia and Spain. Net income in the three months ended 30 April rose to €150 million, while gross margin soared 22 percent to 55.7 percent. The results were in line with most analysts’ expectations.

Sales gained 20 percent to €1.72 billion, thanks to the 114 new stores the company opened in the quarter, including the first Zara store in China. Deputy chairman and chief executive Pablo Isla said the Shanghai store had performed beyond expectation.
“Ninety percent of shoppers are Chinese, not foreigners living in Shanghai,” Isla told WWD. “That is significant, and representative of the market’s potential.”

Inditex plans to open a second store in Shangahi later this year, as well as one in Beijing, demonstrating its commitment to expansion in Asia. Contrary to its major competitor, the Swedish chain Hennes & Mauritz, who concentrates on the European and American markets. There are also plans for stores in Japan and Zara is to open its first store in Seoul by the end of the year.
Sales in the US, where the retailer operates 19 Zara stores, were “quite good”, according to Isla. He predicted continued strong sales in that market, where Zara plans to open more stores in Miami, Los Angeles and San Francisco by the end of the year.
Sales in Spain had been strong and “showed no signs of deceleration”. However, sales in Germany, which Isla said is Inditex’s “most difficult market in Europe”, were poor and showed “no signs of improvement”.

Revealing that the first six weeks of the second quarter were in line with expectations, Isla said the company would spend €850 million to €950 million on the opening of 410 to 490 stores this year.
Zara is Inditex’s cash cow, generating about 65 percent of group sales. Among others, the company also operates the Bershka, Massimo Dutti, Pull and Bear and Stradivarius chains.
15 June 2006

Inditex records sales growth

Spanish fashion group Inditex has recorded a net sales gain of 21 percent to €6.741 million in 2005. The company, which owns popular brands like Zara and Berschka, said net income rose 26 percent to €803 million.

The company claimed the rise in sales is due to both new available selling space, with 448 openings last year, and a 5 percent rise in like-for-like sales. Gross margins improved 80 basis points to 56.2 percent, with operational gains rising 21 percent.

Thanks to international growth, store sales outside Spain represent 57 percent of total revenues. Excluding Spain, the European market represented 38.8 percent of revenues. The group also entered five new markets last year: Monaco, Costa Rica, Indonesia, the Philippines and Thailand. This year it also opened stores in Tunisia, Mainland China and Serbia. Thanks to the expansion activities, the group now employs a work force of 58,190.

The group said the expansion will continue to focus on Europe this year, with the Asia-Pacific region also being developed. By the end of this year, Inditex plans to open its first Korean store through a joint-venture with retail group Lotte. Inditex will have an 80 percent stake in the newly formed company. The group expects to open between 410 and 490 stores this year.
29 March 2006


Inditex appoints new CFO

Spanish fashion group Inditex has appointed Antonio Rubio Merino as its new CFO. Merino was previously director of Administration of the group. Before joining Inditex in 2003, Merino was director of Consolidation and Audit at Grupo Abengoa.

The group also announced the appointment of Abel Lopez as new Director of Export and Transport. He will be responsible for coordinating the distribution from the Logistics Centres to the final delivery at the store as well as managing the relevant transport fleets.
7 March 2006


Inditex in Japanese expansion

Spanish fashion group Inditex plans to open a series of small-to-medium sized Zara stores in Japan as a result of the acquisition of former Japanese partner, apparel producer Bigi, reports just-style. Inditex has been active in Japan since 1998 and the acquisition of Bigi reaffirms its commitment to Asia. Six Zara store openings are planned annually over the next three to five years. Inditex said that it will next target shopping malls in the suburbs of smaller Japanese cities.

According to just-style, Japanese retail specialist publication Consuming Japan writes that Zara is expected to announce that the next brand to be launched into the Japanese market is Massimo Dutti. Inditex plans to expand throughout Japan over the next few years and says it will increase its presence in Hong Kong, Singapore, Malaysia, Indonesia and the Philippines. This year, it also expects to enter new markets like China, Thailand or South Korea.
27 February 2006


More Zara stores open in Moscow

Inditex, the Spanish owner of fashion stores Zara and Berschka, is set to open two new Zara stores in Moscow this year. The stores will open in the city's central GUM shopping centre and in the Lomonosov University. Zara opened its first store in Moscow in the Mega South shopping centre in March 2003.

“In view of the difficult and very particular property market conditions in Moscow, we convinced Inditex that the quickest way to enter Russia would be through the Mega South commercial complex,” said Inditex's Finnish and Russian franchise partner, Stockmann. Upon opening, the Zara store experienced the best-ever sales growth generated by a Zara store located in a shopping centre. Since the opening of the first store, six more Zara stores have opened. Inditex has also opened Stradivarius and Pull & Bear stores in Russia.
3 January 2006


Profits rise for Zara

Spanish retail group Inditex, who own high street Zara fashion chain, said on Tuesday that net profits in the first nine months of the year had risen 28 per cent compared to last year and that trading in the fourth quarter was in accordance with expectations.

The group, which pioneered the innovative "fast fashion" business model integrating design, manufacturing and distribution in a single company and enabling stores to react to customer demand within weeks rather than months, said that net profits reached €520.5m or 83.8 cents per share, on sales that rose 20 per cent to €4.65bn. Gross margins also rose slightly to 57 per cent on sales.

By the end of November, Inditex said it had a total of 2,643 stores in 60 countries and that it intends to have opened between 400 and 450 new stores by the end of the fiscal year. By the end of October, the group had already opened 323 new outlets.

While other fashion groups rely on factories in China, Inditex manufactures its clothes in Spain or countries nearby. As a result, its designers are able to copy ideas from high fashion and change stock quickly to react to popular trends or the weather.
However, as other groups imitate Inditex's business model and shorten supply chains, analysts have suggested that the group may be losing some of its competitive advantage.

14 December 2005



Vice Chairman Inditex resigns

The vice chairman of Spanish retailer Inditex, Jose Maria Castellano, has resigned his post. In a statement made on Friday, Inditex thanked him for his “brilliant contribution” and long service. The company said Castellano left for “personal reasons”. Castellano is credited with the success of Zara, a daughter-company of Inditex.

In February, Castellano was named vice chairman, having been CEO until that point. In June, Pablo Isla was named CEO of Inditex. The management reshuffle was said to have been in “preparation for expansion plans” as Inditex looked to double its size over the next five years.

Last week Inditex reported a 40 percent rise in second-quarter profits. Net income for the quarter climbed to €121 million (£82.2 million), while sales rose 21 percent to €1.41 billion. Zara represented 66 percent of the group's sales in the first six months of the year. Sales at the chain increased by 15 percent in the first half to €1.85 billion. As of 31 July there were 762 Zara stores, up from 653 last year. Inditex said that it was on track to open 125 to 135 Zara stores by the end of the year.
26 September 2005


Inditex performance steady

Spanish retail chain operator Inditex has said that same-store sales for the second quarter ending 31 July are "going well", according to AFX News. The company, which owns brands including Zara, Pull & Bear, Berschka and Massimo Dutti, said during a presentation that it expects between 335 and 395 new stores to open this year, compared to earlier estimates of between 300 and 350.
19 July 2005


Zara Home opens in Milan

The Inditex- owned Zara Home has opened a store in Milan. The new store is situated at the Assago shopping centre, where a number of the Group's other concepts are also housed. Zara Home is the fifth concept to have been introduced to Italy by the Inditex Group. It was preceded by Zara, Massimo Dutti, Bershka and Oysho. The Group operates over 40 shops in Italy.Zara Home expects to open further stores in Italy this year. It has also opened its first store in Cyprus this year and is now present in eight international markets. Zara Home has over 75 stores and has already opened 13 new stores since the beginning of this year.

Zara has built up a presence in 55 countries, with a network of 757 stores in prominent locations in major cities. Inditex is a major fashion manufacturer and distributor, with eight sales concepts - Zara, Pull and Bear, Massimo Dutti, Berschka, Stradivarius, Oysho, Zara Home y Kiddy's Class. The Group operates 2.381 stores in 57 countries.
20 June


Zara And Inditex Post Profits

Spanish clothing group Inditex, operator of chains including Zara, has shown that its fast fashion approach can weather the current downturn in clothing sales across much of Europe. The retailer has reported a 21 per cent increase in first quarter net profit to €124.8m in the three months to April 30.

Total sales rose 19 per cent to €1.41bn, with profits coming in ahead of market forecasts thanks to improved margins. Gross margin increased by 23 per cent to 55.7 per cent. Inditex, which operates more than 2,300 stores in over 50 countries, opened 90 new stores across the quarter. The group will invest up to €800m in further expansion this year, planning to open up to 395 new stores worldwide.

The quarter saw the announcement of the first Inditex stores in Indonesia, as well as a deal to acquire a majority stake in the Zara franchisee in Poland, described as market with "significant growth potential for Zara".

The Inditex board has approved the appointment of Pablo Isla as the company's new chief executive. Isla was previously co-chairman of tobacco group Altadis. Inditex said it is revamping its managment structure "to strengthen and adjust the management structure of the group with a new generation of managers which will face up to the future growth plans".
14 June 2005


Zara Plans For Expansion

Spanish fashion group Inditex has announced plans for an expansion drive that will see it grow to 4,000 stores worldwide by the end of 2009. Inditex will continue to roll out its flagship brand Zara, but also has high hopes for its other chains. Teenage brand Bershka, which opened its first UK store at the Metro Centre, Newcastle, last year, will throw down the gauntlet to Top Shop with a flagship store on Oxford Street and further London stores this year.

Overall, Inditex plans to grow from its current total of around 2,250 stores to more than 4,000 stores by the end of 2009. That would increase its estate by 75 per cent and would see it overtake US fashion giant Gap, which is taking a more cautious approach to expansion in the face of flagging international sales.

Contracts have been signed for two-thirds of the 360 new stores it hopes to open this year. A major new Zara store has just opened at Lakeside, Essex. Inditex plans more than 100 new Zara stores in Europe, focusing on France, Italy, Germany and the UK.

Inditex chains Massimo Dutti, which sells officewear, and Pull and Bear, which sells basic lines, are earmarked for wider expansion across Europe alongside Zara and Bershka. Others, including lingerie chain Oysho, childrenswear brand Kiddy's Class, girlswear chain Stradivarius, and Zara Home, will restrict expansion closer to home in Spain and Portugal for the time being.

Confirmation of the expansion plans came as Inditex reported a 41 per cent increase in profit to €628m during 2004. Net sales were up 23 per cent to €5,670m with like-for-like sales growth of 9 per cent. Across the year, sales in younger brands grew slightly as a proportion of total sales, up to 32.6 per cent from 30 per cent in 2003. International sales represented 54.5 pe cent of total sales, up from 53.9 per cent, with 82.8 per cent of the total sales generated in Europe. At Zara, international sales represented 65.8 per cent of total sales, up 2.3 per cent.

5 April 2005


Zara targets Asia

Indetex, the Spanish fashion retailer who own Zara stated last week it has reached an agreement with Indonesian retailer PT Mitra Adiperkasa to open the first Zara clothing stores in Indonesia, starting with the opening of two outlets in the capital Jakarta later this year.

Inditex said in a press release it also plans to open eight new stores in Japan, two new outlets in Hong Kong and the fourth Zara store in Singapore, increasing its number of boutiques in the region to 30 by the end of the year. The company is aiming to double in size over the next five years through an ambitious strategy of new store openings. Inditex runs more than 2,000 clothing stores in 50 countries.

20 March 2005


Inditex Set For Expansion

Zara owner Indetex, is expected to announce a board restructure this month to improve control of the fashion retailer's ambitious expansion plans. The news emerged as Inditex opened a flagship store for Bershka, its teen-fashion chain, in Central London. It is the sixth Inditex outlet to open in the UK and Ireland in a week, highlighting the rapid expansion of the Spanish group.

Analysts are concerned that Inditex's top-light structure has failed to place sufficient controls on its growth strategy, which has seen the group open more than 200 stores a year from Mexico to Japan during the past four years.

Inditex has been working with McKinsey & Co on a five- year strategy. The management consultancy is thought to be advising on a new board structure after the resignation of Juan Carlos Rodríguez Cebrián, managing director, last month. His departure followed news that José María Castellano, who has been chief executive of the Spanish group since 1997, would step down to become deputy chairman.

A spokesman for the company said that Inditex had good control over its store-opening programme at the country level, but added: "This is about having the right corporate governance and the development of the business going forward. We have got to have the infrastructure in place if we are going to double the size of the business."

Analysts expect an announcement on the new structure to be made when the Madrid-listed retailer reveals its annual results on March 31. Bershka, which has 305 stores worldwide, is currently the fastest-growing part of the Inditex group apart from the core Zara chain. Zara, which competes with the likes of New Look, H&M and Top Shop, has four stores in Ireland and two in England. Up to three more Bershka stores are expected to open this year in the London area. Inditex is also seeking up to three more sites for Massimo Dutti, its more mature, up-market, label and ten more for Zara this year.
17 March 2005


Inditex blows off La Rinascente

Spanish fashion retailer, Inditex SA, has said that it has no plans to acquire Italian clothing chain La Rinascente. A spokesperson for Inditex, known for its Zara brand, said: "We are not interested in the operation." Retailers Inditex, Benetton and Hennes & Mauritz were reputed to be interested in purchasing Gruppo Rinascente's La Rinascente and Upim stores. Inditex is always looking for new opportunities to help expand its business.

Rinascente and Upim have been for sale since last Friday when Ifil, the Turin-based investment company owned by the Agnelli family, decided to sell its 50% stake in Eurofind, the company that owns 99% of the Rinascente share capital. Rinascente owns eight of the 18 stores in Italy and generates annual sales of EUR250 million (GBP180 million). Upim has 147 stores and sales of EUR470 million (GBP338 million).
17 November 2004



Zara Bans Fur

Spanish fashion chain Inditex has banned fur from all but a handful of its 2,064 stores, three days ahead of concerted worldwide protests. The firm, home to brands such as Zara and Massimo Dutti, wrote an open letter to customers explaining its decision. Its use of rabbit fur on its clothes had attracted the ire of campaigners. Of the 54 nations in which it operates, 48 will take fur off the shelves immediately and the rest will stop by 1 January after existing stock is sold.

"The measure is one step further in our commitment to respect the animals and environment surrounding us," chief executive Jose Maria Castellano Rios wrote. Campaigners noted that Inditex had ditched fur in the UK before. It had initially got rid of rabbit fur in October 2003 following an earlier campaign but had reintroduced it in early 2004. Demonstrations will still take place in as many as 40 countries, they said, but would no longer target Inditex outlets.

News of Inditex's decision came as the company announced solid results for the six months to 31 July. Its net profit rose 29 per cent from the same period a year earlier to 188m euros, in line with analysts' forecasts, on sales of 2.4bn euros.

Like-for-like sales - which are adjusted to remove the effect of new store openings - were up 8 per cent. The figures marked a return to form after a less impressive 2003, and pushed its shares in Madrid up 2 per cent. The firm said it was on course for a 23-25 per cent rise in sales for the full year, with as many as 365 new stores being opened. But staff and rental costs also accelerated, up 26 per cent on the previous year.
24 September 2004


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