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Oct 27, 2022
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Tendam posted revenues of €577.4 million in the first half of the year, increased profits by 34%

Translated by
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.

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