What: El Corte Inglés increased total transaction value by 2.3% to €8,404 million in the first half of FY2026-27 (March to August), while net income rose 11.5% to €249 million.

Why it is important: Profits rising faster than sales show El Corte Inglés converting modest top-line growth into stronger earnings, extending the momentum of its last full-year results.

Revenue for the period from 1 March to 31 August reached €7,230 million, up 2.6% on a like-for-like basis. EBITDA rose 4.2% to €562 million and recurring net income 9.1% to €210 million.

Retail remained the main growth driver, up 3.3% like-for-like, supported by Fashion & Beauty, Home & Electronics and a strong online channel. Fashion & Beauty sales grew 4% to €2,779 million and Home & Electronics 4.8% to €1,248 million, while Food & Restaurants held stable at €1,402 million.

Viajes El Corte Inglés operated in an international environment marked by geopolitical tensions, yet its sales grew 1.9% year on year from the second half of the period onwards.

In the financial businesses, Seguros El Corte Inglés raised revenue 4.6% to €160 million, with net income of €41 million, up 5.9% excluding extraordinary items. Financiera El Corte Inglés increased revenue 3.5% to €98 million and net income 2.4% excluding extraordinary items.

Balance-sheet strength and cash generation allowed the group to raise investment in commercial, logistics and technological transformation, while net financial debt stabilised at €1,624 million, or 1.3x EBITDA.

IADS Notes: The half-year figures continue the trajectory of the group's full-year results, which reported double-digit profit growth, record-low debt and fashion sales up 3.1%, with Fashion & Beauty named a key growth driver (Press Release, June 2026). Fitch then moved the group to BBB with a stable outlook, citing the lowest debt in two decades, a €15.7 billion real-estate portfolio and a business model spanning retail, travel, financial services and real estate (Press Release, June 2026). The fashion division has since been reorganised: external and own women's brands now form a single unit, and Sfera, the group's main fashion chain, has a new managing director (Modaes, November 2026). In travel, El Corte Inglés has agreed to buy Tool Factory's 25% stake in Viajes El Corte Inglés, pending clearance from the Spanish and Portuguese competition authorities (Fashion Network, October 2026). The €294 million invested over the half follows FY2025 capex of €577 million, of which €237 million went to technology projects covering omnichannel, logistics and AI (Fashion Network, July 2026).

El Corte Inglés grows sales and profits in the first half of FY2026-27