El Corte Inglés ends 2024 with its highest revenue in 14 years
Madrid – Spanish department store group El Corte Inglés (ECI) presented its financial results for the 2024/2025 financial year. This period, which ended on February 28, saw the company, chaired by Marta Álvarez, achieve its highest revenue in 14 years.
According to information provided by the management of the Spanish group, ECI ended its last financial year with total revenue of 16.68 billion euros. This figure is two percent higher than the 16.33 billion euros recorded during its previous financial year of 2023; this percentage rises to 4.3 percent on a like-for-like (LFL) basis. Put into greater context, this represents ECI's best turnover since 2010, when it generated total revenue of 16.41 billion euros.
In terms of profitability, the company experienced growth of 4.5 percent in its gross margin, a development that they highlighted was driven by 'the strong performance of the own brand' which complements the commercial offering of its stores and points of sale. This performance allowed the company to record EBITDA of 1.21 billion euros (up 11.9 percent year-over-year (YoY)), which translated into a net profit of 512 million euros (up 6.7 percent). Excluding extraordinary expenses and income, this resulted in a recurring net profit of 470 million euros. This improvement in profitability was accompanied by a reduction in the company's debt of 263 million euros.
'In the 2024/25 financial year,' ECI stated in a press release, 'El Corte Inglés achieved significant growth in its main business areas, as well as in all financial metrics.' This 'strong performance', they emphasised, 'reflects improvements in management efficiency, a commitment to customer service, and continuous innovation and quality in its products'. Fashion and beauty as main revenue streams
Breaking down this performance by business area, retail sales, which accounts for the bulk of the company's activity and that of its shopping centres, remained ECI's main source of revenue, with a global figure of 12.98 billion euros (up one percent, up 3.9 percent LFL). The solid performance of fashion and beauty sales stood out, reaching 5.70 billion euros (up 4.9 percent); food and hospitality reached 3.04 billion euros (up 4.8 percent); and home and electronics reached 2.70 billion euros (up 3.4 percent). This growth was reinforced by the online channel, through which the company achieved a turnover of over 891.7 million euros (up 3.9 percent), resulting in a retail EBITDA of 922 million euros.
As for the rest of ECI's main business areas, its travel division, Viajes El Corte Inglés, recorded revenue of 3.45 billion euros (up 4.3 percent), achieving an EBITDA of 101 million euros; Financiera El Corte Inglés recorded a net profit of 50 million euros (up 22.8 percent); and Seguros El Corte Inglés a net profit of 71 million euros, after growing by 8.6 percent. Completing these items was revenue of 83 million euros collected from the rental and commercialisation of various spaces in the group's centres to other operators, such as opticians and hairdressers, to complement the customer offering. Outlook for 2025
Looking ahead to the new financial year, ECI simply stated that 'the company faces the 2025/2026 financial year with positive prospects in its various business areas'. These forecasts are already influenced by the new five-year strategic plan, for 2025 to 2030, which is still pending presentation, and which the new management team, led by Gastón Bottazzini, has been working on for almost a year. Bottazzini's position was strengthened last April when it was decided to abolish the Executive Committee, through which Álvarez had been closely supervising his decisions.
In summary El Corte Inglés presented its 2024/2025 results with the best revenue in 14 years, reaching 16.68 billion euros, up two percent YoY.
The company experienced growth of 4.5 percent in its gross margin, driven by its own brand, and an increase in net profit of 6.7 percent, to 512 million euros.
Fashion and beauty sales were the main revenue streams, and the company has a positive outlook for the 2025/2026 financial year, during which it is expected to begin implementing a new strategic plan. This article was translated to English using an AI tool.
FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@fashionunited.com
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Evening Standard
13 hours ago
- Evening Standard
Spain handed new visa powers over Gibraltar in secret UK-EU talks
Crucially, the agreement ensures the border between Gibraltar and Spain remains open, avoiding chaos for the 15,000 Spanish workers who cross into the Rock each day. Without the deal, those workers would have been forced to get their passports stamped on entry and exit, using up their allowance of visa-free days and risking major disruption at the frontier.
Daily Mirror
19 hours ago
- Daily Mirror
New Viktor Gyokeres claim made as fresh Marcus Rashford setback comes to light
Manchester United are expected to be active in the transfer market after a poor season but they are still yet to build on the capture of Wolves forward Matheus Cunha Manchester United are working hard behind the scenes to try and get more signings over the line as they bid to shake up Ruben Amorim 's playing squad ahead of the 2025-26 campaign. The Red Devils endured their worst ever season in the Premier League last year and have already snapped up Matheus Cunha from Wolves in a bid to refresh their frontline, with Brentford's Bryan Mbeumo next in their sights. Plenty more incomings and outgoings are expected at United in the coming weeks and months with things finally starting to heat up in the transfer market. And with Amorim keen to get fresh faces in the door before the club head off on their pre-season tour of the United States next month, the pressure is on United's top brass to deliver. Here, Mirror Football rounds up all the latest transfer news from in and around Old Trafford... New Rashford setback Manchester United are said to have 'offered' Real Madrid the chance to sign Marcus Rashford for £40million this summer - but the Spanish giants are unlikely to take them up on the offer. Rashford is surplus to requirements at Old Trafford and wanted to seal a dream move to Barcelona. But with the Spanish champions advancing in their pursuit of Nico Williams, a move to the Nou Camp would appear to be off the cards. According to DefensaCentral, United have already offered Real the chance to step in and take Rashford to Spain amid their search for a striker. The report notes, though, that Real have already concluded that he is not the right profile for what they are seeking. Gyokeres latest Viktor Gyokeres' agent is reportedly willing to leak voice notes confirming that the club's former sporting director, Hugo Viana, would sell his client for less than his release clause. Arsenal and Manchester United have been heavily linked with the striker, whose preferred destination is believed to be north London. His future is unclear, though, amid claims Arsenal have reached an agreement on personal terms with Benjamin Sesko. Gyokeres seems destined to leave Sporting Lisbon regardless and according to Record, the player's agent, Hasan Çetinkaya, has 'evidence' that Viana agreed Gyokeres could be sold for €60m plus €10m in add-ons (£51m plus £8.5m) in a meeting back in September. Amorim wants signings Ruben Amorim is 'growing impatient' for new signings ahead of the club's pre-season tour of the Untied States with just Matheus Cunha through the door. The Red Devils are working to sign Bryan Mbeumo and also want a new striker with Eintracht Frankfurt's Hugo Ekitike and Viktor Gyokeres on their wishlist. But Amorim wants more progress to be made on the transfer front before his team jet out Stateside to compete in the Premier League Summer Series. Join our new WhatsApp community and receive your daily dose of Mirror Football content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice.
South Wales Guardian
a day ago
- South Wales Guardian
Fraudulent City boss ordered to pay back £64 million
Anthony Constantinou remains on the run after he fled the UK during his fraud trial at London's Southwark Crown Court in June 2023. Hundreds of investors were duped out of a total of £70 million between 2013 and 2015 while he ran Capital World Markets (CWM). A spokesman for City of London Police said a confiscation order was made against him on Thursday for the sum of £64 million, which is payable within three months. The default period of imprisonment was set at 14 years. Police released photographs of some of the luxury vehicles Constantinou spent his fraudulent money on, including a Porsche, Range Rover and luxury motorbike. They previously said he was thought to be in Turkey or Dubai after being stopped in Bulgaria with a fake Spanish passport. CWM had high-profile sponsorship deals with the Honda Moto GP, Chelsea Football Club, Wigan Warriors rugby league club, Cyclone Boxing Promotions and the London Boat Show. The seven-week trial heard how Constantinou spent £2.5 million of investors' money on his 'no expense spared' wedding on the Greek island of Santorini in September 2014, while his son's first birthday party a few days earlier cost more than £70,000. More than £470,000 was paid for private jet hire to fly him and his associates to Moto GP races across Europe as well as a return flight to Nice for a 150,000-euro five-day yacht cruise around the Mediterranean to Monaco. The firm paid £200,000 a quarter to rent 'plush' offices in the City's Heron Tower, while nearly £600,000 was spent on just six months' rent of his large home in Hampstead, north-west London, where his luxury cars were parked in the drive. Promised returns of 60% per year on risk-free foreign exchange (FX) markets, a total of 312 investors trusted their money to CWM. Some were professionals but most were individuals who handed over their life savings or pension pots, with a large number of Gurkhas paying into the scheme, said prosecutor David Durose KC. Constantinou denied wrongdoing but was found guilty of one count of fraud, two counts of fraudulent trading and four counts of money laundering and sentenced to 14 years in prison in his absence. Adrian Foster, of the Crown Prosecution Service (CPS), said: 'This was a callous scam targeting members of the public. Many people lost their hard-earned money because of Constantinou's greed and false promises in this fake investment scheme. 'We continue to pursue the proceeds of crime robustly with the City of London Police, where we identify available assets to disrupt and deter large-scale frauds like this case. 'In the last five years, over £478 million has been recovered from CPS obtained confiscation orders, ensuring that thousands of convicted criminals cannot profit from their offending. £95 million of that amount has been returned to victims of crime, by way of compensation.' Constantinou was previously jailed for a year at the Old Bailey in 2016 after being found guilty of sexually assaulting two women during after-work drinks. One of the victims described how the parties were just like the raucous scenes depicted in Martin Scorsese's The Wolf Of Wall Street, starring Leonardo DiCaprio as rogue New York trader Jordan Belfort.
