El Corte Inglés, more fashion and beauty in 2023. The department store group ended the 2023 financial year (ended on February 28) with sales of more than 4.7 billion euros associated with fashion and beauty. This is the largest category in the group’s retail area by turnover.
According to the entity’s Financial Report for the 2023 financial year, during the past financial year the group’s fashion and beauty area recorded a turnover of 4,727 million euros. This figure represents an increase of 3.68% compared to the 4.559 billion euros of the previous year.
As a whole, the retail area of El Corte Inglés generated sales of 12,351 million euros, with food as the main category (with sales of 3.1 billion, 6% more)followed by fashion and beauty, home (1,389 million, 1.16% more) and culture and leisure (2,280 million, 2.79% more).
“The year 2023 is marked by solid growth in the retail business, achieved a sales growth of 3.6% (4.7% at comparable stores), growing in all categories but mainly food, fashion and culture and leisure,” says the group in its Financial Report.
El Corte Inglés increased its revenue in fashion and beauty by nearly 4% in 2023
The fashion and beauty area of El Corte Inglés is made up of the income generated by the department stores with this category, both in format wholesale (firm purchase) as with the corners managed by the brands, and the online platform. Furthermore, they add Sfera’s own brands and network of stores. At the end of the 2023 financial year, El Corte Inglés had 72 department stores in Spain and two in Portugal.
At the end of 2023, the Sfera chain of stores specialising in fashion and accessories had a total of 166 stores distributed in different countries, 287 franchise stores abroad and 71 corners in El Corte Inglés centres in Spain and Portugal.
The Spanish department store company increased its turnover by 5.4% in fiscal year 2023 (closed on February 28), up to 16,333 million euros, and reduced its net profit by 480 million euros due to the lack of extraordinary items.
The company, which achieved a record net result of 870 million euros in the previous year (when extraordinary items from the sale of part of its business to Mutua Madrileña were computed), managed to see recurring net profit soar in 2023 by 73. 7%, up to 359 million euros.
