Online demand helps Tendam deliver 3.6% sales growth in third quarter
Spain’s Tendam group, which owns clothing brands including Cortefiel, Pedro del Hierro, Springfield, Women'secret and Fifty has announced a 3.6% increase in third quarter sales to 256.3 million euros. The good performance helped the company deliver revenues of 815.5 million euros in the first nine months of the year, up 1.8% year-on-year.
The results were boosted by a 28% increase in online sales and the continued investment in omnichannel. The retailer hailed in a statement on Tuesday its loyalty programme and ability to leverage its physical store portfolio through “efficient and profitable online operations”.
Meanwhile, Ebitda profits amounted to 62.1 million euros, up by almost a third thanks to the adoption of IFRS 16 Leases. Excluding the impact of the adoption of the new accounting standard, Ebitda profits grew 6.6% to 26.3 million euros.
“In a year marked by significant volatility, the group, as a whole, has consistently improved quarter by quarter, representing a clear indication of the healthy standing of our brands and the strength of our unique business model. Forecasts remain cautiously positive, kicking off with a robust sales period,” said Tendam chairman and CEO, Jaume Miquel.
Over the past 12 months, the group opened 31 directly-operated stores and launched ecommerce sites for Women'secret and Springfield in Hungary.
Tendam is also entering 2020 with great momentum, having recently acquired the Hoss, Hoss Intropia and Intropia brands. The clothing labels are set for an AW20 relaunch that will see them unveil a new digital channel, as well as retail partnerships with Cortefiel.
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