Tendam posts positive like-for-like sales growth of 4.8 percent

European fashion retailer having brands such as Cortefiel, Pedro del Hierro, Springfield, Women’secret and Fifty under its fold, has said that total income for the 2017/18 financial year amounted to 1,154.7 million euros (1,349 million dollars), up 2.4 percent on the previous year, despite the closure of non-performing stores. Like-for-like sales increased by 4.8 percent. Adjusted EBITDA for the year grew by 48 percent reaching 170 million euros (198.5 million dollars).

Commenting on the company’s annual results, Tendam CEO, Jaume Miquel said in a media release: “The 2017/18 financial year is the first full period to reflect the impact of the strategic plan implemented across Tendam to meet our objectives. As a result, all our markets, channels and brands have seen positive like-for-like growth and improved profitability.”

Highlights of Tendam’s annual financial results

The company, previously known as Cortefiel Group, said an improvement in EBITDA was driven by increase in sales, improved gross margin of 3.4 percentage points and lower operating expenses.

The online business posted a strong sales growth of 26 percent and improved profitability, which has now overtaken the physical store channel. At the end of the 2017/18 financial year, the online channel represented 6 percent of Tendam’s total sales. Net profit for the year reached 98.6 million euros (115 million dollars).

At February 28, 2018, Tendam had 1,988 points of sale versus 1,982 last year in around 90 countries, of which 1,180 are owned stores, 692 franchise operations and 116 department store corners. Over the past financial year, the Group opened points of sale in Qatar, Cuba, Slovenia, Spain, France, India, Ireland, Italy, Lebanon, Norway, Portugal, Russia and the Dominican Republic, among others. Norway, Cuba, India, the Republic of Mauritius and the Island of Réunion are all new markets for the Group.

Picture:Tendam media resources