El Corte Inglés beats Inditex: 4.96 billion fashion sales in Spain in 2017
The department stores corporation settles fashion development in three keystones: own brand sales, third party sales and its independent chain Sfera.
El Corte Inglés outweighs Inditex. The department stores company is consolidated as the main fashion seller of the Spanish market, obtaining an income of 4.96 billion euros during fiscal 2017, according to the presentation performed in the Irish Stock Exchange. Thus, the company has surpassed the other Spanish group Inditex, which during the same period obtained a revenue of 4.12 billion.
In fact, El Corte Inglés sales in its fashion segment have raised a 6% in the last two fiscal years, at the same time as its gross margin stood at 36.9%. Furthermore, Sfera’s importance in the corporation’s result accounts have also increased.
El Corte Inglés has been presided by Jesús Nuño de la Rosa since last June, and is now immersed in the group’s relaunch plan, where fashion plays a key role. Last year, the corporation started a reorganisation plan of its fashion business, getting rid of at least six of its own brands, under the purpose of focusing all efforts into only a few labels per category. Studio Classics, Essentials, Homminem or B. Stop are some of the firms that disappeared.
El Corte Inglés started the reorganisation of its fashion model during fiscal 2017
The three keystones for El Corte Inglés’ expansion in the fashion segment are the development of its own brands, which are solely distributed in their centres, the brands of third parties and its independent fashion chain, Sfera.
El Corte Inglés ended fiscal 2017 with a net profit valued in 202 million euros, a 25% more than last year. The company’s revenue raised a 2.8% during the same period, reaching the 15.93 billion euros.
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