El Corte Inglés, which is a major factor in the Spanish sporting goods sector through its department stores, plans to cut down by almost one-half the number of its suppliers under a program that started three years ago, according to El Economista. Meanwhile, the group has been recovering strongly from the Covid pandemic, which led it to book a net loss of €2,945 million for the financial year ended Feb. 28 on a 31.6 percent drop in consolidated revenues to €10.4 billion. In the subsequent three months, its revenues went up by 50.2 percent to €2,511 million, generating Ebitda of €81 million. Retail sales rose by 47.8 percent, approaching the level of two years ago. Online sales grew by 119 percent, representing 12.8 percent of sales compared with 5.3 percent a year earlier.

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