Profits at Spanish retailer El Corte Ingles fell 18.3% in fiscal 2012 as the economic downturn and a fall in consumption hit retail sales.
In the year ended 28 February, earnings dropped to EUR171.5m (US$228.9m), the retailer reported today (27 August). EBITDA stood at EUR735m, an 11% decline on the prior year.
President Isidoro Alvarez said that despite the declines, the company “faces new challenges with determination, always a spirit of innovation, renewal and continuous improvement”.
Alvarez said the company will continue to “further develop and promote innovative approaches in all business areas”, in the new financial year.
Sales in the period were down 7.8% to EUR14.55bn.
See Also:
Click here to view the full earnings release.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData