The Spanish retail giant El Corte Inglés reported a net profit of €203 million in the first half of its 2024-2025 fiscal year (from March 1 to August 31), marking an 11% increase compared to the same period last year. During this time, the group achieved total revenues of €8.041 billion, up 2.3%.

Recurrent net profit was €158 million, a significant 38.4% year-on-year increase, while EBITDA grew by 12.3% to €520 million, according to figures released by the company on Tuesday.

The company, led by Marta Álvarez, highlighted the “significant improvement” in performance across all business areas, noting that this positive momentum has enabled the group to achieve double-digit growth in key metrics.

The group also emphasised that El Corte Inglés’s financial strength is reflected in the reduction of its net financial debt, which now stands at €1.933 billion, equivalent to 1.7 times EBITDA. In absolute terms, this marks a €195 million decrease since August 2023.

The company highlighted that H1 was characterised by a “solid” performance, driving a 3.6% increase in comparable sales, a “significant” improvement in profitability, and “notable” deleveraging.

“The strength of the balance sheet and the cash flow generation achieved during these first six months allow the group to continue reducing debt while maintaining investments in various growth initiatives,” the company stated.

Retail sales rise 3.2% in comparable terms 

El Corte Inglés’s retail division achieved a 3.2% like-for-like sales increase, driven by “strong margin performance,” particularly in the private-label home and fashion categories, according to the company. Sales of external brands, both domestic and international, also delivered positive results.  

The group noted that its Spring/Summer fashion collections were “widely embraced” by customers, both in-store and online.  

Meanwhile, sales at Viajes El Corte Inglés grew by 6.1%, further solidifying its leadership in the leisure travel segment, with revenues increasing by 10.3%.  

In its financial divisions, the company reported strong growth across all areas, further solidifying its position in their respective markets. El Corte Inglés emphasised its commitment to enhancing a product offering “always centred on the customer.”

Seguros El Corte Inglés posted a 6.1% revenue increase, reaching €137 million, while Financiera El Corte Inglés recorded a 6.3% rise in revenue and an impressive 61.7% surge in net profit.  

Finally, the company emphasised that its autumn marketing campaigns have reinforced the positive trends seen during the first half of the year, setting the stage for continued growth.