→Shares of fashion giant, Inditex has fallen by at least 6.28% in Madrid Spain as of 9:39am EST.

→Inditex shares are now trading at a 3-year record low.

→Majority owner and founder, Amancio Ortega has lost over $3.5B during intra-day trading.


Financial analyst, JPMorgan said that sales slowed down in the second half of the fourth quarter. As a result, the price target was cut to 35.5 euros from 38 euros and its forecasts by 5 percent due to negative foreign exchange effects. It said it believed sales slowed in the second half of the fourth quarter.

Inditex which is expected to report on March 14th, will hold a conference call with financial analysts later on Friday, according to traders. Inditex could not immediately confirm whether the statement was valid.

Many of the Asian and Latin American currencies are dollar-linked meaning a strong euro and weak dollar negatively impact results at the world’s biggest clothes retailer.

Inditex makes about half of sales in dozens of currencies but reports in euros.

The brokerage still believes that Inditex is a good buy especially this period where the stock price is relatively lower.

Amancio Ortega who founded Inditex in 1985 owns about 59.3% of the company. Ortega who briefly surpassed Bill Gates to be the richest man in the world in August 30th, 2017 is now the 7th richest man in the world with a net worth estimated to be around $68.7B according to Forbes.

Neither Inditex nor the Market regulators have commented on the issue.

Source: http://www.myrecentnews.com/business/inditex-shares-tumble-after-analsyt-cut-targets/

I don't know, i just have this love for the financial market.