Spanish retailer El Corte Inglés has posted a 2.6% increase in sales to €14.6 billion, according to results issued earlier this week.
The retailer, which has invested in improving its offering over the past 12 months, posted gross operating profit of €826 million for the period, a 14.5% rise since last year.
Last weekend, the board of the Spanish retailer voted to remove Corporacion Ceslar, a minority shareholder, from its board, after it declared its opposition for the sale of a stake in the chain to a Qatari sheikh.
Sheikh Hamad Bin Jassim Bin Jabr Al Thani is to take a 10% stake in the retailer, valued at around €1.12 billion.
El Corte Inglés currently operates 88 department stores and 43 large supermarkets, which trade under the Hipercor name.
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