El Corte Inglés registers an EBITDA of more than 1 billion euros in 2022

news April 2023 Modeas

What: The department store group has achieved an operating profit of 1.03 billion euros in the 2022 financial year. 

Why it is important: The operating result increased 20% compared to the 800 million euros reached the previous year and exceeded pre-pandemic levels. 

The results were driven by the return of tourism as well as the group’s fashion business which saw the highest margin. 

El Corte Inglés has obtained a net profit without extraordinary items higher than the EUR 310 million it obtained in the 2019 financial year. The figure is almost three times the EUR 120 million in capital gains earned the previous year. 

The department store group closed last year with a total net profit close to 1 billion euros, when accounting for the income obtained from the agreement with Mutua Madrileña who bought 50% of the group’s insurance and wealth business for EUR 550 million and acquired 8% of the holding company’s treasury stock for 555 million euros. 

In 2021, El Corte Inglés ended the year with revenues of 12.507 million euros and again in profit. By the first quarter of 2022, it had already returned to pre-covid sales volumes. 

The company renewed its leadership in 2022 by dividing management functions and is currently in the process of restructuring its workforce. 

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