El Corte Inglés takes benefit of the gross sales increase to carry debt to a minimal in 16 years | Companies | EUROtoday

El Corte Inglés has taken benefit of the restoration in consumption to consolidate its revenue assertion and finish a pandemic that induced losses, in 2020 alone, shut to three,000 million euros. The distribution large concluded the final monetary 12 months, closed on February 28, with revenues of 16,333 million euros, which represented a progress of 5.4% in comparison with the earlier 12 months.

The working outcome (ebitda) climbed 13.6% to 1,081 million euros, whereas the web revenue was 480 million, lower than half of the 870 million achieved within the earlier 12 months, through which it had a weight The sale of its insurance coverage enterprise to Mutua is essential, in an operation valued at 550 million. For this motive, the corporate has most well-liked to take as a reference the recurring internet revenue, which elevated by 73.7% yearly to 359 million euros.

This better money has allowed the corporate to delve deeper into deleveraging and to settle debt maturities prematurely. At the tip of the final fiscal 12 months, the corporate's internet monetary liabilities decreased by 10.3% to 2,059 million euros, which represented 1.9 occasions ebitda. Since reaching peak ranges within the first 12 months of the pandemic, El Corte Inglés has decreased its debt by 1,752 million euros.

A discount that has allowed it, as emphasised within the presentation of outcomes, to acquire qualification for the primary time in its historical past Investment Grade (demonstrated monetary capability to fulfill the commitments acquired within the medium and long run) by the ranking companies Standard & Poor's and Fitch Ratings. “These agencies highlight the size of the group, its relevance in Spain, the leadership and strength of the brand, the diversification of businesses and categories (fashion, beauty, home, food, leisure and entertainment, electronics, travel, financial services and insurance). , energy, …), its omnichannel offering and a portfolio of unique real estate assets in the best locations of the main Spanish and Portuguese cities.”

Retail contributes 79% of revenue

Retail has been the world that has contributed essentially the most to income progress. Of the 16,333 million recorded within the final fiscal 12 months, 12,845 million (79%) got here from commerce, whose gross sales elevated by 3.8% yearly. “The strong positioning of the fashion area stands out, with a wide presence of national and international brands, along with the collections of El Corte Inglés' own brands,” emphasizes the corporate, which additionally highlights the robust progress within the meals and hospitality space. , which incorporates, amongst others, the El Corte Inglés, Hipercor, Supercor, Sanchez Romero and Club del Gourmet supermarkets.

Along with retail, the journey division, pushed by the explosive reactivation of tourism, has been the second that has contributed essentially the most to turnover, with revenues of three,306 million, which represented 20.2% of the entire. “With more than 700 of its own branches, Viajes El Corte Inglés has achieved the best results in its history, while at the same time making steady progress in its omnichannel proposal and in its wide range of products for both vacations and businesses.” After having built-in Logitravel, Viajes El Corte Inglés continues to compete with Ávoris, the journey division of the Barceló group, for main billing in Spain. This final

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