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.

Click here to view the full earnings release.