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Tendam returns to profit in 2017
It's all-go again for Tendam (formerly Cortefiel), recording a stellar year of operations in 2017, as the Spanish group eyes its return to the share market after 13 years absent.
The Madrid-based firm and parent company to retailers Cortefiel, Women’secret, Springfield and Pedro del Hierro, has signalled a return to profit for the fiscal full-year, after four years of successive losses (down by 24 million euros last year). Consequently, the firm's net profit increased to 98 million euros for the 2017/18 fiscal year.
For the year ending February 2018, the group recorded an increase in total sales, up 2.4% to 1.154 billion euros. A lift of 4.8% in like-for-like-terms was also reported, as unprofitable stores were closed during the period. The group's EBITDA increased 48% to 170 million euros, while gross margins also improved, growing from 57.8% to 61.2%.
In addition, online sales grew 26%, representing 6% of Tendam's total global sales.
"It's the first full-year that reflects the effects of the strategic plan put to work at Tendam. All markets, brands, and the different distribution channels showed comparably positive results and improved profitability," said Jaume Miquel, the group's managing director.
Better still, the group reduced its debt, which is now sitting at 514. 5 million euros.
Factors that helped get the brand back to black include the group's rebranding in April, which saw it renamed Tendam, in accompanying the business's transformation -- driven by the era of digitalisation and globalisation.
With its four retail brands, the firm operates 1,988 sales points, including 1,180 own stores, 692 franchises and 116 counters.
This year, the group opened its first outlets in Norway, India and Cuba.
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