El Corte Inglés reported at its annual shareholder meeting in July that sales for the year ended Feb. 28 had reached €12.51 billion, in a year-on-year increase of 22 percent. EBITDA reached €804 million and consolidated net profit €120 million.
Marta Álvarez, the Spanish retailer’s chairwoman, attributed this “return to profits” to “a sharp reduction in debt, solid performances by all divisions, and the start of far-reaching initiatives to make the company more efficient.” Indeed, the retailer managed to cut its debt to €2.5 billion, a 15-year low. Álvarez ascribed this to “increased cash flow and agreements entered into with new partners.”
The leading category in sales growth was fashion sales (+49%), followed by home (+15%) and electronics, culture and leisure (+11.5%).
