15 June 2022
The Weekly

Retail remains the main driving force with fashion at the forefront, which is growing by 49%. El Corte Inglés increased its business by 22% and obtained a net profit of 120mn. The El Corte Inglés Group has closed the 2021 financial year (ended February 28, 2022) with a consolidated turnover of €12,508mn, 21.93% more than the previous year. Gross profit stood at €3,896mn, an increase of 30.5% compared to the previous year; an Ebitda of €804mn (756mn more than the previous year), and a net profit of 120mn. The engine of the recovery has been the retail business, which has achieved sales of 11,300mn, with a significant recovery in the fashion area, whose growth stands at almost 49% compared to the 2020 financial year. The good performance of the online sales, which already represents 12.3% of the total business volume of department stores.

Within retail, fashion has experienced notable growth, achieving a sales figure of €4,090mn (48.8% more than the previous year); sales of home and electrical appliances (11.3% more) have also registered a strong evolution, which have been above 1,302mn, as well as the area of ​​culture and leisure with an increase of 11.5% and a figure business of 2,145mn. During the 2021 financial year, a series of relevant initiatives were launched for the evolution of the business. Among them, the strategic alliance with the Mutua Group stands out, which includes the incorporation of the insurance company into El Corte Inglés' future project by acquiring an 8% stake in its capital from treasury stock. In the retail area, the acquisition of the Sanchez Romero supermarket chain has allowed the Group to consolidate its position as a leader in quality supermarkets. The Group has also taken a new step in its strategy of operating fully in the logistics sector with the creation of the company El Corte Inglés Advanced Logistics.

At the commercial level, and within the push for omnichannel and the digital transformation that the company is carrying out, the launch of new services such as the Extended Catalog or Expert Consultation stands out, whose objective is to amplify the offer and advice that the Corte Inglés provides its customers with the same experience on all the company's channels, regardless of whether they are physical or digital. The Extended Catalog exponentially expands the commercial proposal to which the customer has access from any El Corte Inglés centre.