The recovery of the Spanish market has been confirmed by the latest figures from El Corte Inglés, the large Spanish retail group that is also the second-largest sporting goods retailer in the country. The company has reported higher operating results for the financial year ended Feb. 28: Operating earnings before amortization (Ebitda) rose by 14.5 percent to €826.4 million. After amortization (Ebit), they jumped by 58.8 percent to €295.7 million. Consolidated revenues were up by 2.6 percent to €14.59 billion. Net income declined by 32.3 percent to €118.1 million due to non-recurrent items such as the sale of the group's 51 percent share of its financial services and related restructuring efforts. The last financial year was the first for Dimas Gimeno Álvarez as chief executive following the death of his uncle Isidoro Álvarez last September. At the board meeting convened to approve the accounts, a large dissident shareholder representing the Ceslar investment company was ousted over his opposition to a €1 billion convertible loan taken by El Corte Inglés from a former prime minister of Qatar, which can be converted into a 10 percent stake in three years' time.

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