El Corte Inglés closed 2022, leaving behind the negative economic effects caused by the pandemic. The group chaired by Marta Álvarez achieved revenues of 15,327 million euros, 22.5% more than in 2021. Net profit rose to 870 million, the best figure in the company’s history, thanks to the “extraordinary ” caused by the operation with Mutua Madrileña (the purchase of 8% of the treasury shares for 555 million and the acquisition of 50.01% of the two insurance companies of the group, the insurer and the broker). Meanwhile, the recurring net profit was 207 million, the highest data in recent years. The ebitda of El Corte Inglés exceeds, for its part, 951.4 million euros, 18.3% more than the previous year.
These results are accompanied by a reduction in the net financial debt of El Corte Inglés to stand at 2,295 million at the end of last year, the lowest level in the last 15 years, since the previous economic crisis. “This solid financial position, together with the strong recovery in profitability, will allow the group to undertake new projects for the future,” explains the company.
The ‘retail’ business has been key to boosting the results of El Corte Inglés. Sales of this division have grown to 12,213 million, 7.8% more than in 2021, “with a special role in the fashion area”, which achieved a sales figure of 4,683 million, 16.3% more , adds the group. The catering and food area, for its part, registered an increase in revenue of 6.1%, up to 2,827 million. Regarding online sales, El Corte Inglés explains that it has 3.2 million active customers who placed 14 million orders last year.
Viajes El Corte Inglés also improves its turnover, up to 1,677 million, practically quadrupling last year’s income thanks to the recovery of tourism and the elimination of sanitary restrictions.
El Corte Inglés also highlights the strength of the financial services unit, made up of Financiera El Corte Inglés, and the insurance area thanks to the aforementioned alliance with Mutua Madrileña.
The group is also advancing a very positive start to 2023 thanks to the good performance of the spring-summer campaign, which has boosted sales in all divisions. During this year, El Corte Inglés plans to launch its securities agency for the commercialization of investment products.
