Álvarez highlights the "promising" situation of El Corte Inglés to face the future after returning to benefits

MADRID, 26 Jul. (EUROPA PRESS) -

The president of El Corte Inglés, Marta Álvarez, has highlighted that the El Corte Inglés Group is in a "promising" situation to face the future after returning to profits and despite the complex economic environment.

"All this despite the persistent effects of the health crisis, the scant recovery in tourism and the complex economic environment we are experiencing, with rising inflation, an unusual escalation in the price of energy and a containment of consumption derived from the rise in prices," he adds.

In the letter collected in the last non-financial report of the group, the president of the distribution group highlights that the 2021 financial year has been a year "of great efforts, of great commitment and enthusiasm, and of good results".

"Our stores have recovered their commercial activity, our policy of diversification and alliances has met expectations, the progress of omnichannel and the transformation that we began the previous year has followed the planned path and our financial structure has been strengthened in accordance with the objectives set ", he highlights.

Specifically, the group achieved a turnover of 12,507.6 million euros in 2021, which represents an increase of 21.9% compared to the previous year; a gross operating result (Ebitda) of 804.3 million euros compared to 47.9 million in the previous year, and a net profit that exceeded 120 million euros.

In addition, according to Álvarez, the group has "substantially" reduced its debt, thus meeting the objectives set in the previous year.

"This positive evolution, accompanied by a reduction in costs, has been rewarded by the main rating agencies, which have improved their perspectives on El Corte Inglés, placing them just one step below investment grade", the president pointed out.

In this sense, it adds that this recognition has also been accompanied by two significant events: the settlement of the first bond issue for an amount of 600 million euros and, already in March 2022, the refinancing for a maximum aggregate amount of 2,600 million. of euros carried out under the 'investment grade' format, lower cost and better conditions.

"These good results have been possible thanks to a broad vision of the business that has retail as its center of activity. Product care and customer service, the continuous improvement of our stores both in the physical and digital environment , and the development of new businesses that complement this commercial proposal with which we intend to make people's lives easier, are the axes that allow us to grow as a company and advance in our commitments to customers, employees, suppliers, the environment and society in general," he highlights.