We inform you that on this website we use our own and third-party cookies to collect information about its use, improve our services and, where appropriate, display advertising by analyzing your browsing habits. You can expressly accept its use by pressing the "ACCEPT" button or configure and select the cookies you want to accept or reject in the settings. You can also get more information about our cookie policy here.

The global fashion business journal

Oct 13, 20244:21am

Spanish El Corte Inglés grows 1.3% and increases its Ebidta by 14% in the first half

The department store group has reduced its debt by 253 million euros (278.8 million dollars) in the first half of the year. 

Nov 13, 2019 — 6:10pm
mds
Save

Spanish El Corte Inglés grows 1.3% and increases its Ebidta by 14% in the first half

 

 

El Corte Inglés, on the rise. The department store company has ended the first six months of the fiscal year (between March and August) with an increase of 14% of its gross operating result (ebitda), up to 386 million euros.

 

The group has explained in a statement that its result has been enhanced by the improvement in business management. In the company as a whole, the gross margin has increased by ten percentage points, 1.2% more.

 

In the first half, El Corte Inglés had a revenue of 7.6 billion euros (8.4 billion dollars), up 1.3% from the same period of the previous year. By divisions, the company’s retail sales have risen 1%, to 6 billion euros. The company explained that the fashion sales were driven by the good performance of the footwear and accessories division in the period. In addition, the group has indicated that it continues with the process of reordering its own brands.

 

 

 

 

El Corte Inglés plans to strengthen the distribution of its private label Woman and renew brands like Southern Cotton and Tintoretto. The department stores group prepares for 2020 the launch of private labels Another Love and Alik.

 

The online channel has also been another growth vector for El Corte Inglés in the first six months of the year. Although it does not detail its revenue, the company has indicated that the online channel has registered double-digit growth between March and August. In addition, the group has explained that it plans to launch an app for next year.

 

 

 

 

On the other hand, the group led by Marta Álvarez since last June, has reduced its debt in the first six months of the year. Between March and August, El Corte Inglés financial debt stood at 3.1 billion euros (3.4 billion dollars), 253 million euros (278.8 million dollars) less than the same period a year ago.

 

“This positive evolution is due to the behavior of the business and the divestitures made in non-strategic assets worth 193 million euros (212.7 million dollars),” explained El Corte Inglés in a statement. During the period, the company has created a new business unit, El Corte Inglés Real Estate, with the goal of maximizing the value of its real estate assets and focusing on the development and management of its asset portfolio.

Advertising
Participation rules

info@themds.com

 

Validation policy for comments: 

 
MDS does not perform prior verification for the publication of comments. However, to prevent anonymous comments from affecting the rights of third parties without the ability to reply, all comments require a valid email address, which won’t be visible or shared.
 
Enter your name and email address to be able to comment on this news: once you click on the link you will find within your verification email, your comment will be published.

0 comments — Be the first to comment
...