8 Jun, 2021 @ 13:05
1 min read

Good and bad news for Spain’s top department store El Corte Ingles

Good and bad news for Spain's top department store El Corte Ingles
People walk past the El Corte Ingles department store. (Photo by Xisco Navarro / SOPA Images/Sipa USA) *** Local Caption *** 32489454

MAJOR Spanish department store chain, El Corte Ingles, says that spending is beginning to return to pre-pandemic levels, after they took a big financial hit last year.

The retailer reported a net loss of almost €3 billion last year due to the health crisis, but said that sales over the first three months of 2021 were ‘approaching’ 2019 levels.

The overwhelming factor behind the losses was a write-down of physical assets like stores, as customers moved to online shopping.

Without the write-down, the company says it would still have suffered a €445 million loss.

Due to lockdowns, reduced shopping hours, and virtually no tourists, El Corte Ingles revenues fell by nearly a third to €10.43 billion.

Online sales sales more than doubled and represented 17.3% of overall sales, which is very much in keeping with the rest of Spain’s retail sector.

Last February, the retailer announced plans for up to 3,500 job cuts through voluntary redundancy.

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