El Corte Inglés has closed its 2023-2024 financial year with a 5.4% increase in annual revenue to €16.3 billion.
Out of this total, the retail business of El Corte Inglés generated €12.85 million, witnessing growth of 3.8% compared to the previous year.
The Spanish retail company saw 'strong growth' in the food and hospitality segment, which includes the El Corte Inglés supermarkets, Hipercor, Supercor and Sánchez Romero banners, as well as the Gourmet Club and various restaurant formats.
EBITDA for the financial year amounted to €1.1 billion, registering an increase of 13.6% compared with the full-year 2022-2023.
The company attributed this growth to increased profitability and improved efficiency across the business.
In the retail business, EBITDA increased 11.2%, to exceed €840 million, while in travel it grew by 84.5% to approximately €93 million.
The company's recurring net profit grew by 73.7% to €359 million, its highest since 2009.
However, net profit reached €480 million – a lower figure than the previous year.
Divisional Performance
In the online segment, El Corte Inglés' website and app saw more than 900 million visits during the financial year. Shoppers placed more than 17 million orders in this period, or 8.5% more than the year before.
Elsewhere, the company's travel and events business, Viajes El Corte Inglés, generated revenue worth €3.31 billion, posting an increase of 12.6% over the previous year.
El Corte Inglés' financial businesses continued to consolidate themselves as reference companies in their respective sectors, reinforcing the range of products offered to clients.
Financiera El Corte Inglés exceeded three million customers on its new Mastercard offering, and the insurance division saw the best year in its history, reporting a 16% increase in the number of policies administered.
