El Corte Inglés has booked a solid fiscal 2022, despite the discomforts of the economic climate, according to Diffusion Sport. Revenues through the closing date of Feb. 8 amounted to €15.33 billion, up 22.5 percent year-on-year, while Ebitda was €951.4, up 18.3 percent. Recurring net income was the highest in several years, at €207 million, and total net income was the highest ever, at €870 million. Meanwhile, the group’s energy costs rose €150 million.
The group was able to reduce its net financial debt to €2.29 billion, its lowest level in 15 years.
The main driver of this performance was retail sales, which rose 7.8 percent year-on-year to €12.21 billion. Fashion generated sales of €4.68 billion (+16.3%), while the combined segments of Electronics, Leisure and Sports generated €2.18 billion (+2.4%).
Online, the group handled some 14 million orders for the year and at present boasts more than 3.2 million active online customers.
The group is ascribing these figures to a favorable fortune in business, cost optimization and on-point management, notably in the way the group planned its buying and the sales team conducted its business. It was key to have inventory on hand at the right time.
Fiscal 2023 looks promising, thanks to a successful spring/summer campaign, the group’s liquidity and recent changes in capital structure that have given the group flexibility to deal with a shifting macroeconomic environment.
