×
72 527
Fashion Jobs
BANANA REPUBLIC
General Manager - Tampa Premium Outlets
Permanent · LUTZ
CROCS
Crocs: sr. HR Systems Manager
Permanent · REMOTE
NORDSTROM
Asset Protection - Agent - Oakridge Rack
Permanent · San Jose
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Forest Park
KOHLS
Full-Time Sales Supervisor - Hardlines
Permanent · Schaumburg
NIKE
Consumer Planner, Global Sports Apparel
Permanent · Beaverton
BLOOMINGDALE'S
Manager, Sales - Luxury Textiles And Corporate Services
Permanent · New York
BLOOMINGDALE'S
Asset Protection Outlet Associate, Part Time - Dolphin Mall
Permanent · Miami
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Part Time - Soho
Permanent · New York
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Part Time - Palm Beach Garden
Permanent · Palm Beach Gardens
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Part Time - Norwalk
Permanent · Norwalk
BLOOMINGDALE'S
Asset Protection Detective, Part Time - ny 59th st
Permanent · New York
MACY'S
Asset Protection Captain, Santa Maria Town Center - Full Time
Permanent · Santa Maria
MACY'S
Asset Protection Detective, Arden Fair - Full Time
Permanent · Sacramento
MACY'S
Asset Protection Detective, Boston - Full Time
Permanent · Suffolk
MACY'S
Asset Protection Detective, West Dade Miami Int'l - Full Time
Permanent · Miami
MACY'S
Asset Protection Detective, State Street - Full Time
Permanent · Chicago
MACY'S
Asset Protection Detective, st Louis Galleria - Full Time
Permanent · Old Saint Louis
MACY'S
Asset Protection Detective, Dayton Mall - Full Time
Permanent · Dayton
DESIGNER BRANDS
Merchandise Planner Wholesale, Vmi (Phoenix, az)
Permanent · Columbus
UNDER ARMOUR
Stock Teammate, Part-Time 6am Shift, $15 Per Hour
Permanent · JACKSON
PHV
Configuration Warehouse Supervisor ii
Permanent · Palmetto
Translated by
Roberta HERRERA
Published
Oct 27, 2022
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Tendam posted revenues of €577.4 million in the first half of the year, increased profits by 34%

Translated by
Roberta HERRERA
Published
Oct 27, 2022

The Spanish group Tendam, owner of brands such as Cortefiel, Springfield, Pedro del Hierro and Women'secret, increased its sales by 12.1% in the first half of its fiscal year, from March to August 2022, to 577.4 million euros.


Tendam grew by 12.1% in the first half of 2022 - Tendam


Like-for-like sales grew by 13% compared to the first half of 2021 and by 8.9% compared to the same period in 2019: in other words, the company exceeded pre-pandemic levels. In addition, Tendam posted a pre-tax profit of 36.8 million euros, up 34% from a year earlier, as reported by the company on Thursday, Oct. 27, in a statement.

"We closed the first half of our fiscal year with solid business growth, driven by very positive performances across all brands and channels. Tendam is today more than ever prepared from an operational, financial and business model standpoint to face the uncertain economic environment, as demonstrated by these results and our new debt structure," said Jaume Miquel, Chairman and CEO of the group.

In its semi-annual balance sheet, the group highlighted its digital business, which grew by 16.6% compared to 2021 and by 117.2% compared to 2019. In Spain, it already represents 17.2% of the group's total sales.

Tendam's gross margin in the first half of the year was 62.3%, a figure similar to that of the first half of 2021, "as a result of an efficient sourcing strategy and proactive management of promotions and inventories, as well as offsetting inflationary pressures". 

For its part, the company's recurring Ebitda grew by 6.2% compared to the same period in 2021 and reached 139.6 million euros. According to the company, its digital business accounts for 20% of this Ebitda.


Debt reduction in first half of the year



Another milestone Tendam highlights in its half-yearly financial statements is the reduction of its gross debt by 19.3% after bringing in 103.3 million euros of its cash, signing a green loan of 130.9 million euros with national and international financial institutions and completing a bond issue of 300 million euros. 

“Our new and improved debt structure, which extends loan maturity date to 2028, gives Tendam a competitive advantage to protect the company from the current economic environment and, at the same time, accelerate its growth plans," said the company.

All in all, the company's liquidity position in August 31, 2022 stood at 360.1 million euros, which was €72 million higher than in the first half of 2019.

Among the levers that have driven the company's growth in the first half of the year are the reinforcement of its own brands and the launch of new ones, notably Dash and Stars, its first sports brand, and Out of the office, with Andrés Velencoso. The group also underlined the development of its online marketplace, which now offers 110 brands.

"Despite macroeconomic and geopolitical uncertainties, we remain committed to our objective of ensuring sustainable growth by reducing debt and preserving the company's profitability," concluded Miquel.
 

Copyright © 2023 FashionNetwork.com All rights reserved.