Tendam increases sales by 43.3% to €1.1 billion in 2021
The Spanish fashion conglomerate is close to reaching pre-pandemic levels. In Tendam’s last fiscal year, which ran from March 1, 2021 to February 28, 2022, the company increased its turnover by 43.3% to €1.11 billion, registering a significant growth that is only 6.2% below the sales targeted in 2019. Meanwhile, the online channel, which already accounts for 18.8% of turnover in the Spanish market, grew by 30.4% (up 95.6% compared to 2019).
On a like-for-like basis, sales grew by 22.9%, 0.3% less than before the pandemic. And while all channels increased their revenues during the year, the conglomerate that owns the brands Women'secret, Springfield, Cortefiel, Pedro del Hierro, Hoss Intropia, SlowLove, High Spirits, Dash and Stars and Fifty highlighted the 45.9% increase in sales in physical stores under its own management, as well as "the strong recovery of the franchise business". Today, the Spanish company operates in 70 markets through 1805 physical points of sale, of which 1200 are self-operated.
All the group's brands increased their sales by more than 30% compared to last year. However, Tendam emphasized the continued positive performance of Women'secret and the growth of Cortefiel and Pedro del Hierro. The latter, positioned in a more formal and ceremonial segment, recorded a 55% increase in turnover, after having been the brand most affected by the impact of the pandemic. The new brands launched in 2021 (Hoss Intropia, SlowLove and High Spirits) and the multi-brand omnichannel platform, which already carries more than 100 brands, posted a positive gross operating profit in their first year.
Recurring Ebitda totaled €277.2 million, almost double the €145.8 million recorded in 2020. Meanwhile, Tendam's earnings before interest and taxes stood at €122 million, recovering pre-pandemic levels. Record highs of €122.6 million were recorded in 2019. Gross margin stood at 62% in FY2021, registering an improvement of 0.7 points compared to last year and recovering 2019 levels. For the group, these figures reflect the absorption of "inflationary and supply chain tensions."
"We have made decisive and successful progress on our transformation agenda, creating a differentiated, profitable omnichannel retail ecosystem with high growth capacity and in which social and sustainability values are incorporated into the strategy in an integral way," said Tendam's president and CEO, Jaume Miquel, regarding the fiscal year that he described as "very positive".
He added that the company is confident that it will "continue to accelerate the business in 2022 with improvements in profitability", in parallel to increasing "the weight of digital from a 100% omni-channel perspective".
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