Tendam quadruple its sales in the first quarter

Translated by

Clementine Martin

Published on

Jul 30, 2021

The first quarter begins the recovery of the activity of the Spanish fashion group. The conglomerate led by Jaume Miquel has largely suffered the effects of the pandemic throughout 2020, but the first three months of fiscal 2021 invite optimism. For the period from March 1 to May 31, the company achieved a turnover of 197.9 million euros, or 90.4% of sales for the same period in 2019. Compared to 2020, the growth is impressive: + 280%, despite a number of stores closed at 23% during these three months. On a like-for-like basis, the increase was 32.6%.

Slow Love

The company owns the brands Cortefiel, Pedro del Hierro, Women’secret, Springfield, Fifty, Hoss intropia, High Spirits and SlowLove.

In total, its revenues for the first quarter of 2021 exceed those of the first quarter of 2020 by 145.9 million euros. By brand, Tendam underlines the “solid and continuous” growth of Women’secret, which grew by 208.1% and 4 , 8% compared to the results for 2020 and 2019.

Cortefiel and Pedro del Hierro start a “dazzling recovery”, with + 342.4%. Finally, the integration of 50 external brands into the group’s online sales platform and the launch or acquisition of brands such as Hoss Intropia, High Spirits or SlowLove contribute to the group’s growth by 8.1% and represent already 2% of its total sales.

For its part, the turnover from online sales is up 40% compared to 2020 and 90% compared to 2019, representing 13% of the group’s total sales. Fifty, Cortefiel and Springfield are doing particularly well with respective increases of 153%, 82% and 55%.

“The company exceeded our initial expectations in the first quarter,” said Tendam CEO Jaume Miquel on the occasion of the presentation of the quarterly results. “Thanks to the contribution of the external brands integrated into our digital offer and our new own brands, the recovery in sales and the good development during the first months of the second quarter, we are now certain that the radical transformation of Tendam is already creating value and generating a model of sustained and profitable growth, ”adds the manager.

At the same time, the Spanish company has observed a positive evolution of its Ebitda, which stands at 40.5 million euros and continues its fourth consecutive quarter in the green. Tendam also replenished its cash position during the quarter: it now stands at 333.8 million euros, compared to 251.1 million euros and 214.3 million euros respectively in the first quarters of 2020 and 2019.

For the first half of the year, the company expects EBITDA to reach 90% of that of 2019.

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