El Corte Inglés earns 6.7% in 2024 and grows 2% to exceed 16.6 billion euros

El Corte Inglés closes the year of its top management reshuffle on an upward note. The Spanish department store company ended 2024 (closed on February 28) with a 6.7% increase in net income and an increase in overall revenue of 2%, below the growth of 2023.

As reported by the company chaired by Marta Álvarez, in 2024 the overall volume of revenues stood at €16,675 million ($19,1729 million), compared to the €16,349 million that the company recorded in 2023. Last year, the company achieved growth of 5.4%.

The company, whose like-for-like sales rose by 4.3%, highlights that "all the figures have improved in all areas, with a good performance of the retail business, especially fashion and beauty", which recorded sales of €5,704 million ($6,558 million).

The company ended the year with a net result of €512 million ($588.6 million), which represents an increase of 6.7% compared to 2023, while the recurring net result stood at €470 million ($540.4 million). Gross operating profit (ebitda) rose by 11.9% in 2024 to €1,209 billion ($1,390 billion).

El Corte Inglés recorded an overall revenue volume of €16,675 million 

The gross margin shows a growth of 4.5%, "in which the good performance of the own brand stands out, which complements the solid offer of national and international brands". "The company faces the 2025-2026 financial year with good prospects in its different business areas", El Corte Inglés points out.

The group, one of the world's largest operators in the department store sector, also highlighted that net financial debt has been reduced by €263 million, which represents 1.5 times ebitda, with €1,796 million.

The 2024 financial year was El Corte Inglés' first under the leadership of Gastón Bottazzini, who joined the group at the beginning of last year and was appointed CEO of the company in July. Bottazzini's incorporation led to a reorganization of the first executive line, with the departure of José María Folache from the company.

Following the departure of José María Folache last year, the company decided to split its functions into three: Laura Moreno took over the fashion, home, culture and leisure, toys, jewelry, costume jewelry, watches, beauty and Bricor purchasing division. Food, hospitality and Club del Gourmet were headed by Roberto Gómez, while electronics and household appliances were taken over by Víctor Llatas.