El Corte Inglés achieved a gross profit of 51 million euros in Portugal in the year to February, up 13% on the previous year, with sales up 20.2% to 583.9 million euros.
In a press release issued today, the Spanish retail group states that these results are justified by “the confidence of loyal customers, the increase in online sales and sales to tourists”.
According to accounts published today by the group in Madrid, EBITDA (earnings before tax, interest, depreciation and amortization) reached 51 million euros in Portugal, with after-tax earnings of 19.5 million euros, the “highest figure achieved by the company” in its 21-year presence in Portugal.
The group’s Portuguese company recorded 557 million euros in operating costs and expenses in 2022, 21% more than in the previous period.
El Corte Inglés in Portugal focused on its staff development programs during the period under review – “particularly in the areas of qualification, diversity and inclusion” – with personnel costs up 16% to 81 million euros.
Investments in the renovation of retail spaces and in digital transformation amounted to around five million euros.
For its business in Portugal, the Spanish company forecasts “continued positive evolution, despite the macroeconomic scenario which seems to be penalizing private consumption”.
“This optimism is justified by the behavior of foreign customers and the increase in online sales, which enable us to expand our customer base throughout the country, on a permanent basis and with the same guarantees of quality and trust”, the press release states.
Overall, the Group’s business achieved EBITDA of 951 million euros and sales volume of 15,327 million euros, up 18.3% and 22.5% respectively on the previous year.
For these results, which produced a net profit of ¤207 million – “the highest figure in recent years, even despite the impact of rising energy costs” – and a total net profit of ¤870 million, the group considers that they are determined by “good sales performance, cost optimization and management successes”.
The El Corte Inglés group also reduced its net financial debt to 2,295 million ¤, reaching “the lowest level in 15 years”.
In terms of segments, the retail area achieved sales of 12,213 million euros, up 7.8%, with sales in the travel segment reaching 1,677 million euros, up from 472 million euros in 2021.
As for the current financial year, the group hailed “the good performance of the spring-summer campaign, which boosted sales in all divisions”.
