Women’secret owner grows 2.3% in first semester and improves its margins
The Spanish group, owner of Cortefiel, Springfield, Pedro del Hierro and Women’ Secret, has ended the first half of the year with a growth of about 1%. The group’s ebitda has risen 62%, although excluding IFRS 16 it fell.
The owner of Cortefiel, Women’ Secret, Springfield and Pedro del Hierro keeps up in the first half. Tendam has closed the first six months of the fsical year with sales of 559.5 million euros, while it ketp improving its margins.
The company, controlled by CVC and Pai, has grown 0.9% in the first half of the fiscal year, “with double-digit growth in digital sales and global expansion of the network of directly operated stores,” as explained by the company in a press release.
“May has marked a turning point in the semester, which has continued to behave positively during the summer and promotions season,” the company added. In the second quarter, Tendam sales increased by 2.3%, up to 340.6 million euros.
The group, that aims to position its brands as premium mass market, has increased its gross margin by 0.4 percentage points, reaching 62.4%. Both in the first quarter (67.9%, up 0.4 percentage points) and in the second (58.9%, up 0.5 percentage points) the company's gross margin has increased “steadily.”
Tendam sales increased by 2.3% in the second quarter
In the second quarter, Tendam’s gross operating profit (ebitda) reached 93.1 million euros, compared to 61.4 million in the same period of the previous year. Excluding IFRS 16, the ebitda for the quarter fell by 700,000 euros.
“Without it, the result before taxes would have stood at 36.2 million euros in the semester,” says the company. In the last twelve months, the profit before taxes stood at 78.1 million euros, up 20.4 million euros from the previous period.
At the end of the period, Tendam’s debt has been reduced to 421.1 million euros, compared to 479.6 million euros in August 2018. The debt ratio is 2.7 times ebitda, below the 2.9 times ratio of August 2018. During the last twelve months, Tendam, managed by Jaume Miquel, has opened 44 new directly-operated stores, reaching 2,012 total points of sale at the end of the second quarter.
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