El Corte Inglés achieved over 1 billion euros of Ebitda in 2022, driven by fashion sales

El Corte Inglés recorded an operating profit or EBITDA of 1.1 billion euros in the 2022-2023 fiscal year, exceeding pre-pandemic results.

According to sources close to the company cited by El Confidencial, the group increased its Ebitda by 20% compared to the 800 million euros of the 2021-2022 fiscal year and also exceeded the 1.03 billion euros of 2019-2020.

Fashion sales played a crucial role in achieving these results, as detailed by the aforementioned media outlet. The textile business has the highest margin of all the sectors the group operates in, and its offer has proven resilient to the rise of online channels in the last 12 months. On the other hand, the recovery of the travel business was also key to achieving these results, as it is a line of business that was heavily affected by the health crisis.

In terms of net profit excluding extraordinary items, the company also surpassed the 310 million euros from the 2019-2020 period. Total net profit was around 1 billion euros due to the extraordinary income obtained from the agreement with Mutua Madrileña, which acquired 8% of the department store giant's capital and 50% of its insurance business.

Once audited, these figures will be approved by the board of directors of El Corte Inglés in May and subsequently officially presented.