Subscribe Login
DE4CC0DE-5FC3-4494-BCBF-4D50B00366B5
Retail

El Corte Inglés Reports 'Highest Ever' Profit In Portugal

By Branislav Pekic
Share this article
El Corte Inglés Reports 'Highest Ever' Profit In Portugal

Spanish retailer El Corte Inglés closed 2022 with a turnover of €584 million from its Portuguese operations, representing an increase of 20.2% year-on-year.

The group outperformed the market in the period, leading to an increase in its market share, according to daily Jornal de Negocios.

In the same period, net profit reached €19.5 million, the highest achieved by the company since it commenced operations in Portugal 21 years ago.

EBITDA increased 13% compared to fiscal year 2021, to €51 million, while operating expenses rose by 21% compared to the previous period, to €557 million.

In a statement, the company expects a further ‘positive evolution’ in 2023, due to ‘the behaviour of foreign customers and the increase in online sales, which allowed to increase the customer base in the country.’

ADVERTISEMENT

In addition to the El Corte Inglés department stores, the group also operates Hipercor hypermarkets, the Supercor supermarket chain, the specialised fashion brand Sfera and the DIY chain Bricor.

Read More: El Corte Inglés Reports 'Strong Recovery In Profitability' In 2022

Urban Poke

Elsewhere, El Corte Inglés has signed an agreement with healthy food chain Urban Poke to open new stores under the brand in its department stores, the first of which in Las Palmas de Gran Canaria.

The point of sale will have a kiosk format with a ‘new and colorful’ design, the group said.

ADVERTISEMENT

According to the general director of Urban Poke, Pedro Sánchez, new openings will be revealed in the coming months.

Urban Poke plans to reach 28 stores in 2023, after opening 11 new stores last year.

Read More: El Corte Inglés Develops Sustainable Beer Made With Surplus Bread

© 2023 European Supermarket Magazine – your source for the latest Retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: European Supermarket Magazine.

Get the week's top grocery retail news

The most important stories from European grocery retail direct to your inbox every Thursday

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our terms & conditions and privacy policy. You can unsubscribe at any time.