El Corte Inglés fashion sales reach 4.728 billion euros in 2023

El Corte Inglés reported fashion sales of 4.728 billion euros for the 2022-2023 fiscal year, marking a 3.7% increase compared to the previous year. This growth rate surpasses the overall industry figures, which, according to Acotex, grew by 3.4% over the same period.

This information is detailed in the group’s financial report and the issuance prospectus for promissory notes, as published by El Economista. Beyond fashion, the department store group saw a 6.4% increase in food division sales (3.101 billion euros), a 2.7% rise in the culture and leisure segment (2.280 billion euros), and a 1.1% increase in home goods (1.390 billion euros). Overall, retail sales amounted to 12.845 billion euros, a 3.7% rise compared to the previous fiscal year.

The strong performance in the fashion category over the past fiscal year aligns with the company’s strategic push for Unit, its “low-cost” clothing brand, which has been expanding its retail network with standalone store openings, such as the recent one in El Escorial.

El Corte Inglés closed its last fiscal year on February 28, 2023, with a 5.4% increase in revenue, totaling 16.333 billion euros. Concurrently, the company saw a 73.7% surge in recurring net profit, reaching 359 million euros—the highest since 2009. However, net profit stood at 480 million euros, slightly lower than the previous year due to the absence of extraordinary gains from the deal with Mutua.