Tendam Ebitda doubles to €44.6 million in first quarter

Tendam Brands, the parent owner of Cortefiel, Pedro del Hierro, Women’Secret, Springfield and Fifty, has announced that earnings before interest, tax, depreciation and amortization (EBITDA) doubled to €44.6 million ($50m) in the first three months of the year ended May.

The figure excludes the effect of IFRS 16. Taking into account the IFRS standard, Ebitda fell by €4.9 million, the group announced.

Sales for the period ended May rose to €218.9 million while revenues dropped 1.1% due to bad weather in April and the calendar effect of Easter.

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Like-for-like sales grew by 4% in May, and continued to do so in June, when they increased by 4.7%.

Meanwhile, online sales performed well across all brands, and rose by 33% during the first quarter of the year.

Revenues for the past 12 months have increased by 0.2% compared to the same period last year, growing from €1.145 billion to €1.148 billion.

At the end of the first quarter, Tendam had a gross margin of 67.9%, which is up by 0.4% on last year, driven by a reduction in stock. 

The group added that profit before taxes reached €77.4 million in the period between June 2018 and May 2019, more than doubling the number seen in the prior year’s period, when it reached €37 million.

Tendam, which has a presence in more than 80 countries, opened 10 new directly-operated stores in the first three quarters. It now has 2,014 locations worldwide.

Tendam chairman and CEO Jaume Miquel said that the group’s outlook for the year “continues to be positive, with a sustained improvement in comparable sales, high growth in the digital area, margin improvements and continued stock optimisation.”

Tendam has announced that it will soon launch a universal credit card for all members of the Cortefiel loyalty scheme in partnership with Santander Bank.