El Corte Inglés earns €480 million in its best year since 2009

corte inglesEl Corte Ingles

El Corte Inglés, the large Spanish department store chain, achieved its best ordinary results since 2009, thanks to the strength of retail and Travel & Insurance, which recorded the best year in its history. The company reached €16,333 million in revenues at the end of its financial year (29 February), 5.4% more than the previous year, and reduced financial debt to its lowest level in 16 years, at €2,059 million, equivalent to 1.9 times the company’s Ebitda. This allows it to receive for the first time in its history an Investment Grade rating from the rating agencies Standard & Poor’s and Fitch Ratings.

Ebitda amounted to €1,081 million, an increase of 13.6% over the previous year. Net profit amounted to €480 million, while recurring net profit grew 73.7% to €359 million.

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The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.