The shareholders approve all the proposals and ratify the renewal of Cartera Mancor, Corporación Ceslar and Fernando Becker

The president of El Corte Inglés, Marta Álvarez, has assured during the celebration of the general meeting of shareholders that the Spanish distribution group is experiencing "one of the most promising stages" in its history with an "exciting future".

"El Corte Inglés is experiencing one of the most promising stages in our history and we have an exciting future before us," said Álvarez in his speech to the shareholders during the meeting in Madrid.

Specifically, the president of the group has reminded the shareholders that the company's 2022 financial year was a year of growth for the group, which was reflected in all economic magnitudes and, especially, in obtaining positive results in all businesses, as reported in a statement.

El Corte Inglés closed the 2022 financial year (as of February 28, 2023) with a global volume of revenue of 15,327 million euros, which represents an increase of 22.5% compared to the previous year, while the gross operating result (Ebitda) reached 951.4 million euros, 18.3% more than the previous year.

The group's recurring net profit reached 207 million euros, the highest in recent years, while total net profit stood at 870 million euros, the highest figure achieved by the company to date, thanks to extraordinary items.

In addition, the group has reduced its net financial debt, which stands at 2,295 million euros, that is, 900 million euros less than the previous year, standing at the lowest level in the last 15 years.

The president stressed that these results come from the "good evolution of the business, the optimization of costs and the rigor in management, which has made it possible to consolidate the path of growth and achieve the highest profits in recent years".

Marta Álvarez has also highlighted the influx of people who have attended the different establishments of the group throughout the past year. "2022 has been the year in which our stores have been filled with customers again. We have received more than 1,500 million visits between our physical stores, websites and apps", she has congratulated herself.

The president has stressed that the group's stores "excite and surprise", while recalling that they have invested "in a very significant way in the customer experience" with reforms in the centers of Castellana, Serrano, Preciados and Pozuelo, in Madrid, as well as those of Bilbao, Girona, Málaga, Marbella and Badajoz, among others.

To which are added the reforms that are being carried out in the centers of A Coruña, Jerez, Talavera de la Reina, Plaza del Duque in Seville, and Goya in Madrid, in addition to the opening of several Unit brand stores. "We want to be at the forefront of world trade, because of our attractiveness, our novelty or our ability to seduce," he stressed.

Regarding digital stores, Marta Álvarez highlighted the redesign of the 'home' of the El Corte Inglés website and the launch of "the fashion store, where own brands can express their uniqueness".

In her speech, the president of El Corte Inglés did not hesitate to highlight the importance of customers for the company. "They are the center of everything we do and we can never forget that we must earn the trust they place in us day by day. Our business model is designed for them, based on quality, personalized attention, service excellence and an optimal offer with the contribution of the latest innovations in all our products", he assured.

Álvarez also wanted to highlight the work of his employees. "Nothing would be possible without our professionals. We have committed teams that carry out their work with enthusiasm and rigor every day", he assured.

EL CORTE INGLÉS, "MORE THAN A COMPANY"

The president has recalled the role that suppliers have, who are a "substantial part" of their activity. "They are our first product selectors, and together we achieve something fundamental: the promotion of local and proximity products, thus contributing to the creation of wealth both in Spain and in Portugal", she stated.

On the other hand, Marta Álvarez wanted to highlight the relationship that the company has with society. "El Corte Inglés is more than a company. We have always had a firm commitment to society and the environment, with the aim of achieving a better future for everyone and making people's lives easier", he stressed, reviewing the collaborations that the company carries out in the social, cultural and sports fields.

Likewise, in the commitment to sustainability, the president has confirmed that the 'zero waste' project has been completed in all large stores and logistics platforms of El Corte Inglés. "We have already started the same task in the Supercor supermarket chain", she has advanced.

UNANIMOUSLY APPROVED ALL PROPOSALS

On the other hand, the shareholders have unanimously approved all the proposals of the board of directors, among which are the approval of the management report, the annual accounts for the year 2022, the non-financial report and the proposal for the application of results.

The renewal of three of the members of the board of directors has also been ratified, such as Cartera Mancor, which is represented by Paloma García Peña; Corporación Ceslar, represented by Carlota Areces, and Fernando Becker, as independent director.