Spain-based El Corte Inglés, one of Europe’s biggest department stores in terms of sales, has announced financial results for the fiscal year 2016. During the year under review, the company noted a 7.5 per cent increase in EBITDA to € 981 million.
Sales at El Corte Inglés soared for the third consecutive year. In the reporting period, the retailer’s sales increased by 2 per cent to settle at € 15.51 billion.
Additionally, the company’s key El Corte Inglés department store business reported a 2.8 per cent surge in sales to € 9.72 billion.
El Corte Inglés’ consolidated net profit increased by 2.4 per cent to reach € 161.86 million. Its operating income noted a 6.8 per cent increase to € 319 million as compared to the previous year.
Sfera, the fashion and accessories division of El Corte Inglés, reported a 5 per cent boom in gross sales to € 446.9 million in FY 2016. During the reporting period, Sfera launched 19 own stores and over 70 outlets in other markets.
“The company noted an increase in all the fundamental variables in the income statement of 2016 financial year,” reportedly said Dimas Gimeno, President, El Corte Inglés
