8 June 2024
The Weekly

El Corte Inglés closed the 2023-2024 fiscal year (ending February 29, 2024) with total revenues of €16bn, marking a 5.4% increase compared to the previous year. The company's recurring net profit surged by 73.7% to €359mn, its highest since 2009. Net profit, however, stood at €480mn, lower than the previous year due to the absence of extraordinary gains from the Mutua operation. Additionally, EBITDA rose to €1.081bn, a 13.6% increase over the previous year, while net financial debt reached its lowest level in 16 years, at €2bn, equivalent to 1.9 times the company's EBITDA. In the retail sector, EBITDA surpassed €840mn, an 11.2% increase over the previous year, while the travel sector reached nearly €93mn, an 84.5% increase from 2022-2023. El Corte Inglés emphasized that it achieved its best results since 2009, with growth in its main areas of activity. In fact, most of the revenue volume comes from retail, with €12bn, a 3.8% increase over the previous year.