El Corte Inglés holds its meeting today after presenting a record profit of 870 million and shooting up sales

MADRID, 21 Jul.

El Corte Inglés holds its meeting today after presenting a record profit of 870 million and shooting up sales


El Corte Inglés will hold its general shareholders meeting this Friday, July 21, after presenting a record net profit of 870 million euros for extraordinary items, raising its sales by 22.5% and placing its net financial debt at 2,295 million euros, the lowest level in the last 15 years.

Specifically, the group chaired by Marta Álvarez will meet its shareholders to examine and approve their accounts after closing the 2022 financial year (as of February 28, 2023) with a global volume of income of 15,327 million euros, while multiplying its net profit by more than seven.

Said profit is the largest achieved so far, thanks to the extraordinary ones, after the entry of Mutua into its shareholding with 8%, valued at 555 million euros, and the sale of 50.01% of each of the two companies that carry out the insurance activity of El Corte Inglés for an amount of 550 million euros, to which is added the sale of assets and real estate.

The gross operating result (Ebitda), for its part, reached 951.4 million euros, 18.3% more than the previous year, accompanied by a growth in profitability.

The group attributed this improvement to the good evolution of the business, the optimization of costs and the successes in management, which has allowed it to consolidate the path of growth and achieve the highest profits in recent years, despite the economic situation, the effect that inflation and interest rates have on families and the negative impact of the high price of energy.

In this context, recurring net profit reached 207 million euros, 72% more and the highest in recent years, despite the drag caused by the 150 million euro increase in the cost of energy.

Specifically, the shareholders' meeting will address the approval of the annual accounts, the management report and the proposal for the application of the result corresponding to the financial year ended on February 28, 2023, duly audited.

Likewise, the shareholders will foreseeably approve the management of the board of directors during the financial year ending on February 28, 2023, at the same time that they will address the ratification of the purchase and sale operations carried out during the financial year with own shares, as published this Monday by the Official Gazette of the Mercantile Registry (Borme).

Other points that the shareholders' meeting will deal with are the appointment, re-election or dismissal, if applicable, of the members of the board of directors and the fixing of the number of members, the approval of the remuneration of the board of directors and the authorization for the derivative acquisition of own shares and for the sale of treasury shares.