The Portuguese subsidiary of El Corte Inglés returns to profit in 2021

El Corte Inglés grows in Portugal. The department store group, one of the largest in its sector by turnover, has closed 2021 back to profit in Portugal, the only market other than Spain where it has centers, according to the accounts deposited in the Commercial Registry of Portugal and collected by Five days.

The company’s Portuguese subsidiary, El Corte Inglés-Grandes Armazéns closed the 2021 financial year with a net result of 17.2 million euroscompared to the losses of 61 million euros in the year of the pandemic, according to the accounts deposited in the Commercial Registry of Portugal and collected by Five days.

El Corte Inglés has been operating in Portugal for twenty years, when it opened a department store center in Lisbon, to which five years later another establishment was added in Porto. In addition to these two centers, the group also operates in the country with five Supercors and an outlet in Lisbon.

In 2021, sales of El Corte Inglés in Portugal also evolved positively, although they did not recover the levels of before the pandemic. In the financial year, the group of department stores registered a turnover of 486 million euros in the region, 28.2% more. In recent years, the department store group has reduced its network in Portugal, after closing an outlet in the town of Vila Do Conde, near Porto.

In the year, El Corte Inglés also increased its digital commitment in the country with the launch of a specific mobile application for purchases in the Portuguese market. At the end of the year, the application had 44,538 registered users.

The group’s plans in Portugal for the coming months include opening a new department store in Porto, in the old Boavista train station. The project has an investment of 52.6 million euros.

On a global scale, The department store group, which this year has given Grupo Mutua its shareholding, ended 2021 with sales of 12,508 million euros, 21.9% more than in the previous year. Despite the increase, the company’s turnover is still 18% below 2019 levels.

The group’s gross operating result (ebitda), for its part, increased to 804 million euros. In 2021, the company also returned to profitrecording a net result of €120 million, compared to a loss of €2.9 billion in 2020, which included a provision of €2.5 billion.

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