El Corte Inglés leaves losses behind and obtains a net profit of 120 million euros in 2021

After the historical losses registered in 2020, a year marked by restrictions and the pandemic, El Corte Inglés returns to record profits.

El Corte Inglés leaves losses behind and obtains a net profit of 120 million euros in 2021

After the historical losses registered in 2020, a year marked by restrictions and the pandemic, El Corte Inglés returns to record profits. The group chaired by Marta Álvarez consolidated its positive evolution in 2021 with a 22% increase in sales, to a total of 12,508 million euros. Consequently, the company recorded a positive EBITDA of 805 million and a net profit of 120 million. From the distribution group they explain that the improvement is determined by the good evolution of the business, the optimization of costs and the successes in management.

"This has made it possible to recover the path of growth and return to profits despite all the difficulties caused by the successive variants of Covid, the scant recovery in tourism, the complex economic context and an unprecedented escalation in energy prices," according to point out from the Spanish company in a statement.

Despite suffering a context of runaway rise in costs, the group obtained a gross profit of 3,896 million euros, with an increase of 30.5% compared to the previous year. For its part, the gross operating result (Ebitda) stood at 804 million euros, 756 million more than the previous year.

The engine of the recovery was the 'retail' business thanks to the end of restrictions in stores, where sales of 11,300 million euros were reaped. It also highlights the comeback in the fashion area, whose growth stood at almost 49% compared to the 2020 financial year. The group also highlights "the good behavior of online sales", which already represents 12.3% of the total business volume of the department stores.

The firm points out that the trajectory of the last financial year, which ended at the end of February 2022, was possible thanks to the planning carried out in advance to guarantee the availability of merchandise, especially in the Christmas season. It also attributes the return to profits to "efficient" supplier negotiation, better purchasing planning and limited exposure to acquisitions in Asia.

In recent weeks, El Corte Inglés has chained new closures as part of its store reorganization strategy that has accelerated coinciding with the entry of Mutua Madrileña into its capital a few days ago, reports Antonio Ramírez. These movements focus on leaving behind the smaller centers, which are rented and do not offer the full range of the group.

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