The president of El Corte Inglés, Marta Álvarez, advanced yesterday that the group has achieved in the first four months of the 2022 financial year "sales and results above those obtained in the equivalent period of 2019".
During her speech at the general meeting of shareholders, the president stated that the 2021 financial year was the year of return to profits and the "strong" reduction of debt. A year in which all lines of business had a positive evolution and in which "important actions to make the company more efficient" have been initiated, according to her.
The president of El Corte Inglés recalled that “due to the greater cash flow and the agreements with new partners, the debt has been reduced to 2,500 million euros. It is the lowest amount in the last 15 years; the least since 2007,” she highlighted.
The company held its first general meeting of shareholders yesterday after the insurer Mutua Madrileña became a shareholder in the distribution group, with 8% of the capital, and announced the repurchase of half of the shareholding from Primefin, a related company Qatari Sheikh Hamad Bin Jassim Bin Jaber Al Thani. As a result of this reduction of the participation to 5.5%, the Qatari group loses its position on the council. On the contrary, Ignacio Garralda, president of Mutua Madrileña, has joined.
The group obtained a net profit of 120 million euros during its fiscal year 2021-2022 (between March 2021 and February of this year), with which it returns to the path of profits after recording losses of 2,945 million euros a year earlier due to the impact of the health crisis. The consolidated turnover was 12,508 million euros, 21.93% more. Retail remains the group's main driving force, with a special role for fashion, which grew by 49%.
The home (15%) and electronics divisions also experienced growth, as well as culture and leisure (11.5%). For its part, Viajes El Corte Inglés achieved a turnover of 984 million, compared to 309 million in 2020. The company Seguros El Corte Inglés reached 217 million euros, with a gross operating profit (EBITDA) of 98 million.
