El Corte Inglés left behind in 2021 the red numbers of the pandemic. It closed the year with a profit of 120 million after raising its income by almost 22%. The department store company obtained a consolidated turnover of 12,508 million euros, which represents an increase of 21.93% over the previous year, as indicated this Friday through a statement.
Mutua Madrileña buys 8% of El Corte Inglés and takes most of its insurance subsidiaries for 1,100 million
“This improvement is determined by the good evolution of the business, the optimization of costs and the successes in management, which has allowed us to recover the path of growth and return to profits despite all the difficulties that the successive variants of the Covid have caused. , the scant recovery in tourism, the complex economic context and an unprecedented escalation in energy prices”, he argues.
In fiscal year 2020, the company reported some historical losses of 2,945 million euros, after provisioning 2,500 million. On the other hand, in 2021, its gross profit was 3,896 million (30.5% more) and its Ebitda of 804 million euros, according to a quote in the statement.
Regarding the evolution of the business, it indicates that "the engine of the recovery has been the retail business, which has achieved sales of 11,300 million, with a significant recovery in the fashion area", whose growth is almost 49% compared to the 2020 financial year. "The good behavior of online sales also stands out, which already represents 12.3% of the total volume of department store business," he points out.