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HomeLatest NewsZara celebrates its Black Friday in style with Inditex breaking stock market...

Zara celebrates its Black Friday in style with Inditex breaking stock market records

Date: December 6, 2023 Time: 08:11:07

Far from lowering its price on the stock market, the owner of Zara continues to raise it in the heat of the most important online sales season of the year. Inditex has reached a new milestone in the stock market by registering an all-time high of 36.91 euros per share this Tuesday, with a mid-session advance of 1.6% that pulls the Ibex 35 into positive territory. Its market capitalization is around 115 billion euros.

The company is the second with the greatest increase in the Ibex 35 at midday, following Ferrovial (+1.75%). On Monday it touched its all-time highs of June 2017 by closing at 36.33 euros per share (the previous high was 36.66 euros).

This trend occurs in the middle of Black Friday and awaiting the results of the third quarter of the fiscal year, scheduled for December 13. The shares of the textile conglomerate register a cumulative increase of 46% in 2023.

According to Europa Press, Barclays revised Inditex’s valuation up to 32 euros per share from the previous 30 euros. Likewise, it anticipates “solid” results in the third quarter of its fiscal year, foreseeing double-digit sales growth in constant currency and an improvement in gross margin for the company.

The entity projects a 12% year-on-year increase in sales in constant currency during the third quarter ended in October 2023, highlighting the resistance in the evolution of income.

Barclays analysts highlight the solid and differentiated performance of Inditex’s business, attributing the growth to local supply and shorter delivery times, which has allowed faster growth for the group. In addition, they forecast a “significant” increase in gross margin by 120 basis points, reaching 61.4%.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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