El Corte Inglés ended its fiscal year 2024 (which closed on February 28) on a strong note, reporting a 6.7% increase in net profit and a 2% growth in overall revenue, although the latter was below the 5.4% revenue growth recorded in 2023.
According to the company, chaired by Marta Álvarez, total revenue reached €16.675 billion, up from €16.349 billion in 2023. The retailer noted that all performance indicators improved across all business areas, with especially strong growth in the retail segment, particularly in fashion and beauty, which together generated €5.704 billion in sales.
The company’s comparable sales area increased by 4.3%, contributing to the overall positive performance. Net profit for the year stood at €512 million, reflecting a 6.7% year-on-year increase, while recurring net profit reached €470 million. EBITDA rose by 11.9%, totaling €1.209 billion for the fiscal year.
The company also reported a 4.5% growth in gross margin, which it attributed to the strong performance of its own-brand products, complementing a robust offering of national and international labels. El Corte Inglés stated it enters the 2025–2026 financial year with positive prospects across all its business divisions.
El Corte Inglés also continued to strengthen its balance sheet, reducing net financial debt by €263 million, bringing it down to €1.796 billion, or 1.5 times its EBITDA.
FY2024 marked the first full year under the leadership of Gastón Bottazzini, who joined the group in early 2024 and was appointed CEO in July. His appointment triggered a reorganization of top management, including the departure of former executive José María Folache.
Following Folache’s exit, the company divided its operations into three functional areas:
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Laura Moreno now leads purchasing for fashion, home, culture and leisure, toys, jewelry, costume jewelry, watches, beauty, and Bricor.
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Roberto Gómez oversees food, hospitality, and the Gourmet Club.
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Víctor Llatas is in charge of electronics and appliances.
