Óscar García Maceiras acquires over 100,000 euros worth of Inditex shares amid a historic surge in the stock market

Óscar García Maceiras, the CEO of Inditex, has purchased shares of the company founded by Amancio Ortega, specifically acquiring 2,667 shares for a sum of 103,479.6 euros, amidst a remarkable surge in the stock market.

According to the records of the National Securities Market Commission (CNMV), García Maceiras acquired this shareholding package on Thursday, just one day after the Galician company presented its financial results, at a price of 38.8 euros per share.

This recent transaction supplements another one carried out last April when García Maceiras purchased 26,361 shares of the textile firm at a rate of 30.39 euros each, totaling 801,110 euros.

Inditex concluded Friday’s trading with a 0.52% decrease, settling its shares at 38.4 euros. Consequently, the textile giant’s market capitalization closed at 119.7 billion euros. Additionally, on Wednesday – the day of its results presentation – its shares intraday reached a peak of 39 euros, with a market capitalization of 121 billion euros.

Thus far this year, Inditex ranks as the second best-performing stock in the Ibex with an appreciation of 54.57%, surpassed only by Laboratorios Rovi (+57.38%).

During the first nine months of its 2023-2024 fiscal year (between February 1 and October 31), Inditex recorded a net profit of 4.102 billion euros, marking a 32.5% increase compared to the previous year.

The group’s sales amounted to 25.609 billion euros, an 11.1% rise, showing a “very satisfactory” performance in both physical and online stores, a positive trend across all geographical areas and retail formats.

However, sales reached 8.758 billion euros in the third quarter, slowing their growth to 6.7% compared to the previous year, putting an end to 10 consecutive quarters of double-digit growth, influenced, among other factors, by high temperatures at the beginning of autumn.

Moreover, the gross margin increased by 12.3% to 15.203 billion euros, accounting for 59.4% of sales (+67 basis points compared to a year earlier).

At current exchange rates, the company anticipates a -4% currency impact on sales in 2023. Based on current information, Inditex expects a gross margin for 2023 approximately 75 basis points higher than in 2022.

The net cash position has surged by 15% compared to a year earlier, reaching 11.480 billion euros.