Tendam increases revenues by 8.6% during first nine months of its fiscal year to 840 million euros
Roberta HERRERA
The Tendam group, owner of brands such as CortefielSpringfield
The company broke its turnover record during this period. Like-for-like sales grew by 10% compared to 2021 and by 9.1% compared to 2019. In the third quarter, revenue stood at 263.2 million euros, 1.7% higher than in 2021 and 2.7% higher than in 2019, as reported by the group in a statement.
For its part, the company’s recurring Ebitda was 192.5 million euros in the first nine months of the fiscal year, down 1.2% from 2021. Cumulative gross margin for the year remained above 63%.
Debt stood at 408 million euros at the end of the period, “thus improving debt ratio to 2.69 times Ebitda”, explained Tendam. “In October, the group reduced its gross debt by 19.3% after raising 103.3 million euros from its own cash, subscribing to a green loan of 130.9 million euros and issuing a bond of 300 million euros,” they added.
15.4% increase in online sales
The company’s digital sales grew by 15.4% during the period compared to 2021, but by 126.3% compared to 2019. They now account for 18% of its total turnover, as stated by the company.
In addition, its multi-brand online platform and the new brands launched by the group in recent years (from High Spirits to Out of the office), which fall under the company’s “Tendam 5.0” framework which it defines as strategic growth initiatives, accounted for 4.5% of total sales between March and November. They also generated 26.4% of the group’s growth over the nine months.
“Tendam has become a unique open omnichannel ecosystem in the market, with around ten own brands, 32 million members in its loyalty clubs and offering more than 125 third-party brands online. This represents the best foundation to continue to ensure solid and sustained growth over time,” said Jaume Miquel, chairman and CEO of Tendam.
“The outlook for the fourth quarter of the fiscal year is very positive, with double digit comparable sales growth in all channels,” the executive concluded, forecasting the year-end results for the 2022/2023 financial year.
