El Corte Inglés achieved in the first four months of the year sales and results superior to those obtained in the equivalent period of 2019, as indicated this Friday at the general meeting of shareholders by its President, Marta Álvarez.
This was indicated by Álvarez during his speech at the meeting, which was attended for the first time, and as a director, the president of Grupo Mutua, Ignacio Garralda, after the insurer joined the shareholding of El Corte in English May with 8%.
Álvarez said that the results obtained confirm that “We are on the right path”that the objectives are achieved and that “We are building El Corte Inglés of the future”as stated in a company statement.
He highlighted the return to profit that occurred in 2021 (March 2021-February 2022), where he earned 120 million euros, and the strong debt reduction, as well as the positive development of all business lines.
Álvarez attributed these good results to the effort “of the employees of El Corte Inglés, who knew how to respond in an exemplary way”; providers ; of customers who have remained “loyal”, and of shareholders, who “They reaffirmed their confidence in tomorrow’s El Corte Inglés.”
Álvarez described the 2021 financial year as “that of the resumption of activity” and underlined that the work and the efforts “of each one” have made it possible “to evolve positively, to come out strengthened financially, to become a more solid company and to have good prospects for the future despite the economic turmoil we are going through”.
During the 2021 financial year, ending on February 28, 2022, the El Corte Inglés Group achieved a turnover of 12,508 million, ie 22% more than the previous year.
The gross operating result (ebitda) stood at 804 million, while the consolidated net profit stood at 120 million, with which the group returned to the path of profits after the losses of 2.945 million in 2020 caused by the impact on the activity of the pandemic.
Álvarez also recalled that “due to the increase in cash flow and agreements with new partners, the debt has been reduced to 2,500 million euros”, who pointed out that “This is the lowest amount in the last 15 years; the lowest since 2007.
“Retail” remains the group’s main driving force, with a preponderant place for fashion, which grew by 49%; while the home division grew by 15% and the electronics, culture and leisure division grew by 11.5%.
Viajes El Corte Inglés achieved a turnover of 984 million, compared to 309 million in 2020; while Seguros El Corte Inglés reached 217 million euros, with an EBITDA of 98 million.
For its part, the comprehensive service group SICOR, recently created, achieved a turnover of 163 million euros.
The president of El Corte Inglés recalled the effort the company is making to “be profitable without losing quality, complete the digital transformation without the store losing its physical appeal” and continue to be “this commercial enterprise that never fails, the one that is synonymous with trust”.
“El Corte Inglés is and should be the House of Trust,” said Álvarez, who said the company also wants to be the “House of Talent,” which is “the basis of a consistent business,” so they will continue to incorporate “the best business and commercial talent”.
This was the first general meeting of El Corte Inglés attended by the president of the Mutua Madrleña group, Ignacio Garralda, in his capacity as director.
Last May, the agreement between El Corte Inglés and the Mutua Group entered into force, whereby the insurer joined the shareholding of El Corte Inglés with 8% of the capital and acquired 51% of Seguros El Corte Inglés .
In addition, at this Friday’s meeting, the shareholders ratified Javier Rodríguez-Arias as administrator of El Corte Inglés, previously appointed by cooptation at the end of last March.
Rodríguez-Arias, leader of the group, has been appointed director as part of the remodeling carried out following the departure of Víctor del Pozo as CEO.
A new delegated executive committee was then created as the supreme executive body, composed of the president, Marta Álvarez, the directors José Ramón de Hoces and Javier Rodríguez-Arias, and two general directors: José María Folache and Santiago Bau.
The general meeting of El Corte Inglés also unanimously approved all the proposals of the board of directors, including the approval of the management report, the annual accounts for the 2021 financial year, the non-financial report and the proposal for application of results.