El Corte Inglés posts first-quarter results
What: EBITDA is EUR 81 million with a topline growth of 50%.
Why it is important: Excluding the impact of tourism and the travel business, the first-quarter results came in very close to those of 2019, despite ongoing restrictions.
El Corte Inglés Group staged a strong recovery in the first quarter of 2021 following a year living with the pandemic. Revenue was 50.2% higher year-on-year at EUR 2.51 billion.
The measures rolled out over the past year translated into growth in online sales of 119% by comparison with the first quarter of 2019. EBITDA came to EUR 81 million, an improvement of EUR 276 million from the first quarter of 2020, while cash flow from operations increased by over EUR 1 billion.
The measures rolled out by the Group over the past year drove growth in the online business, where sales rose by 119% compared to the same period of 2019, increasing from 5.3% of total revenue to 12.84%.