Spanish retail giant El Corte Inglés has posted 28% growth in net profit, to €258.2 million, for its financial year ended 28 February 2019.
The company’s consolidated turnover grew by 1.1% year on year, to €15.8 billion, during the period.
The EBITDA amounted to €1,075 million, up 2.2% when compared with 2017.
Divisional Performance
Consolidated turnover in the group’s retail companies grew by 0.37% year on year, to €13 billion.
Apart from department stores, El Corte Inglés operates the Supercor and Supercor Express supermarket chains, Bricor DIY stores, and the Sfera fashion and accessories chain.
Travel Group El Corte Inglés saw 4.95% growth in consolidated turnover, to €2.7 billion, during the financial year.
Outlook
In 2018, the retail group invested around €396 million to maintain the quality standard of shopping centres and strengthen its digital business.
The investment will enable the group to transform department stores into places of experiences, where the customer can not only purchase products and services, but also live and feel sensations, the retailer reported.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.
