El Corte Inglés’ positive outlook at Annual General Meeting

news July 2022 Press Release

What: Shareholders vote to pass all motions tabled by the board in 2021, notably approval of the 2021 management report, financial statements, non-financial statements and earnings appropriation.

Why it is important: The Annual General Meeting highlighted El Corte Inglés’ 22% increase in revenue for FY21 and decreased debt thanks to cash flow improvements and agreements made with new partners. This is the group’s lowest level of debt since 2007.

Ignacio Garralda, chairman of Grupo Mutua, attended the Annual General Meeting for the first time as director. The deal reached between the two companies, effective as of May, included the insurance company taking a seat on the El Corte Inglés board (representative of Mutua’s 8% stake and purchase of 51% of El Corte Inglés Insurance Group). Shareholders also ratified Javier Rodríguez-Arias's appointment to the El Corte Inglés board via co-option.

The retail business was again the Group’s main growth engine, with fashion sales jumping 49%. Also delivering healthy increases were home (+15%) and electronics, culture and leisure (+11.5%). The Annual General Meeting overall highlighted a positive horizon for El Corte Inglés with the means to execute plans for future investments and reach sustainability goals.

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