El Corte Inglés holds a General Assembly and all Council proposals are approved

The General Assembly of El Corte Inglés, held today in Madrid, unanimously approved all the proposals of the Board of Directors, including the approval of the management report, the annual accounts for the year 2021, of the Non-Financial Report and of the proposal for the application of the results. The president of El Corte Inglés, Marta Álvarez, said that “2021 has been the year of a return to profits and a strong reduction in debt; a year during which all the businesses experienced positive development; and in which we have initiated important actions to make the company more efficient”.

The president acknowledged that all this was possible thanks to the efforts “of the employees of El Corte Inglés, who knew how to respond in an exemplary way; our suppliers, with whom we maintain a close working relationship; of our customers, who have remained loyal to us and have found in us the answer to their needs; and shareholders who have reaffirmed their confidence in the future of El Corte Inglés. Between all of us, we are already building the future,” he added.

The president of El Corte Inglés recalled the efforts made to “be profitable without losing quality, complete the digital transformation without the store losing its physical appeal” and continue to be “that commercial enterprise that never fails, the one which is synonymous with confidence “

The General Meeting was attended, for the first time and as a director, by Ignacio Garralda, Chairman of Grupo Mutua. The agreement between the two companies, which entered into force last May, provided for the incorporation of the insurer into the shareholding of El Corte Inglés with 8% of the capital, and the acquisition of 51% of Seguros El Corte Ingles by Mutual.

The shareholders also ratified Javier Rodríguez-Arias, whose appointment had previously been made by cooptation, as administrator of El Corte Inglés.

In the 2021 financial year (closed on February 28, 2022), the El Corte Inglés Group achieved a turnover of 12,508 million euros, which represents an increase of 22% compared to the previous year. . The positive development of the activity also pushed up the EBITDA to 804 million, while the consolidated net profit amounted to 120 million euros.

During her speech, Marta Álvarez highlighted that the company has achieved in these first four months of the 2022 financial year, “sales and results superior to those obtained in the equivalent period of 2019”

Marta 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. This is the lowest amount in the last 15 years; the lowest since 2007,” he said.

Distribution remains the Group’s main driving force, with a particular role for fashion, which grew by 49%. The Home (with 15%) and Electronics, Culture and Leisure (with an increase of 11.5%) divisions also experienced strong growth.

For its part, Viajes El Corte Inglés achieved a turnover of 984 million, compared to 309 in 2020; Seguros El Corte Inglés reached 217 million euros, with an EBITDA of 98 million; and the recently created SICOR group experienced strong growth with a turnover of 163 million euros.

During her speech, the President described the 2021 financial year as a “resumption of activity”, and underlined that “the work and efforts of everyone have enabled us to evolve positively, to emerge financially stronger, to become a more solid company and to have good prospects for the future”. despite the economic turmoil we are going through”.

“The instruments we have used to achieve this are defined in a few words: clarity of objectives, rigor in management, professionalization in all areas of activity, digital transformation, innovation and customer service”, added Marta Álvarez.


The president of El Corte Inglés recordó el esfuerzo que está realizando la compañía para “ser profitable sin perder calidad, culminar la transformation digital sin que la tienda pierda su atractivo físico” y seguir siendo “esa commercial empresa que nunca falla, la que es sinónimo reliable”. And he added: “El Corte Inglés is and must be the House of Trust”.

Likewise, he stressed that “El Corte Inglés also wants to be the House of Talent: Investing in talent means investing in human capital, which is the great heritage of our company and its great trademark. Talent drives initiatives, transformations and services. It is the foundation of a consistent business. For this reason, we integrate and will continue to integrate the best commercial and commercial talents within El Corte Inglés”.

Marta Álvarez recalled the commitments with society, trying to “make a more sustainable business”; “with the highest levels of transparency; with a self-demand of integrity; with a strong commitment to equality; with advances in reconciliation, diversity, decent work and other issues of the Sustainable Development Goals and the United Nations Global Compact”; and with generous collaboration in a multitude of social, cultural or sporting activities of public interest in all the places where the company carries out its commercial activity, especially in Spain and Portugal.

Finally, the Chairman argued that the progress made during the 2021 financial year made it possible to achieve, over these first four months of the 2022 financial year, “sales and results superior to those obtained over the equivalent period of 2019”. .

And he added: “It is confirmation that we are on the right track, that we are achieving our objectives. That we are building El Corte Inglés of the future”.

Leave a Comment