El Corte Inglés returns to profit after earning 120 million and achieving sales of 12,508 million, 22% more

MADRID, 10 Jun. (EUROPA PRESS) -

El Corte Inglés recorded a net profit of 120 million euros during its fiscal year 2021-2022 (between March 2021 and February of this year), with which it returns to the path of profits after recording losses of 2,945 million euros a year earlier due to the impact of the Covid-19 health crisis.

Specifically, the group has closed its last fiscal year, ended on February 28, with a consolidated turnover of 12,508 million euros, which represents an increase of 21.93% over the previous year.

This improvement is determined, as the company explained, by the good evolution of the business, the optimization of costs and the successes in management, which has allowed it to recover the path of growth and return to profits "despite all the difficulties that have led to the successive variants of Covid-19, the gradual recovery of tourism, the complex economic context and an unprecedented escalation in energy prices".

Despite all this, the group has achieved a gross profit of 3,896 million euros, with an increase of 30.5% compared to the previous year, while the gross operating result (Ebitda) has stood at 804 million euros , 756 million more than the previous year.

The company chaired by Marta Álvarez has highlighted that the engine of the recovery has been the 'retail' business, which has achieved sales of 11,300 million, with a "significant" recovery in the fashion area, whose growth stands at almost 49% compared to the 2020 financial year.

Added to this is the "good performance" of online sales, which already represents 12.3% of the total volume of department store business.