MADRID, 26 (SERVIMEDIA)
Tendam, the company that owns brands such as Cortefiel or Pedro del Hierro, achieved revenue in the first half of its 2023/24 financial year, between March 1 and August 31, of 606.2 million euros, 5 % more than in the same period last year, and its recurring gross operating result (Ebitda) grew by 8.2%, to 151 million.
As reported by the textile company this Thursday, an “excellent performance” was achieved during the first half of the year with its main brands in positive results, highlighting the 8.3% increase in sales of Cortefiel and Pedro del Hierro.
Sales grew in comparable area by 6.2% compared to the same period in 2022. The company highlighted that the new strategic levers contributed to the business “in a more significant way” as they contributed 32.5% of the net growth compared to 18 .6% that they represented in the first half of the previous year, and now represent 5.3% of total sales.
This strategic plan covers lines of action for the reinforcement of own brands, the launch of new ones, consumer access and the creation of a unique omnichannel ecosystem open to third-party brands that effectively integrates the physical business with the digital one. In this sense, during the semester it is worth highlighting the launch of the own brand HI
By geography, the performance of Mexico stands out, one of the key markets of the international expansion plan in which sales grew by 20.4%, in line with the increase in previous quarters, and where Tendam's presence is close to 120 points selling.
The gross margin of the textile company at the end of the semester stood at 63.3%, which represents an improvement of one percentage point compared to the first half of the previous year, thanks to a better stock position (-4%). and lower cost pressure on the supply chain.
For its part, at the end of the first half, profit before taxes stood at 43.6 million euros, 18.5% more compared to the same period of the previous year.
Tendam's store network has 1,829 points of sale at the end of the semester, of which 1,172 correspond to self-managed stores and corners and 657 to franchises. In the last twelve months, Tendam's store network added 25 net openings.
On the other hand, during the semester, the number of members joining the brand loyalty clubs grew by 7.8% to reach 33.9 million members. In terms of sustainability, the company continued to deepen its roadmap and, at the end of the period, the proportion of products with sustainability content reached levels of 50%, “anticipating the fulfillment of the established objectives.”
Regarding debt, the group's pre-IFRS 16 net debt in the period stood at 358.9 million euros, which represents a debt ratio of 2.1 times Ebitda.
The forecasts for its second half are that, despite the fact that the macroeconomic scenario continues to be marked "by uncertainty", it is faced with "prudent confidence" and the initial sales growth objective of more than 5% is maintained. The company will continue to focus on accelerating 5.0 levers and improving profitability lines.
The president and CEO of Tendam, Jaume Miquel, pointed out that “the solid operational and financial performance of the plan implemented in recent years, the consistent evolution in sales and profitability and the recent endorsement of the improvements in the credit rating forecasts by of the main rating agencies mean that Tendam and its shareholders are evaluating possible strategic alternatives to take the company to its next phase of growth, including the possibility of a public offering of its shares in a regulated market.
(SERVIMEDIA)26-OCT-2023 09:51 (GMT 2)JMS/gja
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