El Corte Inglés holds its General Assembly

The shareholders’ meeting of The Corte Ingles, held yesterday in Madrid, unanimously approved all the proposals from the board of directors, among which the approval of the management report, the annual accounts for the 2021 financial year, the non-financial report and the proposal for the application of the results stand out. 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 of this was possible thanks to the effort “from the employees of El Corte Inglés, who were able to respond in an exemplary manner; 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. Among all, we are already build the future“, he added.

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, saw the insurer join the shareholders 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 adviser to 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 evolution of the activity also pushed the Ebitda up to 804 million, while the consolidated net result stood at 120 million euros.

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, Journey The Court of England achieved a turnover of 984 million, against 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 financial year 2021 as “the resumption of activity”, and underlined that “everyone’s work and efforts have allowed us to evolve in a positive way, to emerge stronger financially, to become a more solid company and to have good future prospects 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 recalled the effort made by the company to “be profitable without loss of quality, complete the digital transformation without the store losing its physical appeal” and remain “that business enterprise that never fails, the one that is synonymous with trust”. And he added: “El Corte Inglés is and must be the House of Trust”.

He also pointed out that “El Corte Inglés also wants to be the House of Talents: Investing in talent is investing in human capital, which is our company’s great heritage 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 social commitments, 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 work-life balance, diversity, decent work and other challenges 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 path that we achieve our goals. That we are building El Corte Inglés of the future”.

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