Tendam Brands, the parent company of the Tendam Group, in its results
statement for 2018/19 financial year, said that sales held steady at
1,155.9 million euros (1,313.2 million dollars) at a fixed exchange rate
and 1,150.8 million euros (1,307.4 million dollars) at the current rate of
exchange versus 1,154.7 million euros last year. The company registered an
EBITDA of 161.2 million euros (183 million dollars), up 0.4 percent, or
162.8 million euros (185 million dollars) when converted to a fixed
exchange rate. Earnings before taxes stood at 80.8 million euros (91.8
million dollars) against 21.3 million euros last year, driven by improved
EBITDA and lower financial expenses.
Commenting on the company’s performance, Jaume Miquel, Chairman and CEO
of Tendam said in a statement: “2018 reflects Tendam’s strength and that of
its business model against a challenging backdrop of increased volatility
and uncertainty. In a year marked by adverse weather conditions and
geopolitical instability, on a quarter-by-quarter basis we have improved
our like-for-like sales and EBITDA, while earnings before taxes increased
almost fourfold.”
Review of Tendam’s full year results
The company said, in a 2018 marked by adverse weather conditions,
especially in the first six months, coupled with geopolitical instability,
like-for-like sales were up on a quarter-by-quarter basis, with the best
performance registered between September 2018 and January 2019.
The company further said that results for the 2018/19 financial year
show the positive performance of gross margins, which improved by 0.5
percent to reach 61.7 percent. Online sales increased by 29.4 percent
during the period, continuing the upward trend across all Tendam brands.
Online sales were up by over 20 percent across all brands, with
particularly strong growth at Women’secret, up 34.9 percent and Cortefiel
and Pedro del Hierro, up 32.4 percent. E-commerce now represents 7.9
percent, up 1.6 percent of the company’s total sales in Spain.
During the year, Tendam began to expand its network of directly-operated
stores for its four brands, with 65 net new openings. As of February 28,
2019, Tendam’s store network comprised 1,993 points of sale, of which 1,242
are directly-operated stores, 632 franchise operations and 119 department
store corners.
Picture:Women’secret website
