El Corte Inglés ended the year with positive EBITDA
The company managed to mitigate the effects of the pandemic thanks to digitalisation and new business development. The company ended financial year 2020 with positive EBITDA of EUR 142 million.
The company’s ability to adapt to unfathomable change fuelled growth in the online business, which registered year-on-year growth of 2019. Online sales are now 17.3% of total retail revenue and marked a year-on-year growth of 132%.
The Group reported a EUR 10.43 billion revenue and a net loss before provisions of EUR 445 million in 2020, due to closure of much of its business during the initial lockdown and successive restrictions at the regional level, compounded by the total absence of domestic and international tourism.
The company reports that retail sales are trending in line with expectations, at close to 2019 levels, despite the lingering effects of the pandemic.