Spanish fashion group Tendam has announced a significant increase in sales for the first half of its fiscal year, surpassing pre-pandemic levels. The company, known for brands such as Cortefiel, Springfield, Pedro del Hierro, and Women’secret, reported a 12.1% growth, reaching €577.4 million in sales. Like-for-like sales were up 13% compared to the same period in 2021 and 8.9% compared to 2019. Tendam’s digital business experienced impressive growth, with a 16.6% increase compared to 2021 and a staggering 117.2% increase compared to 2019. In Spain, digital sales accounted for 17.2% of the group’s total sales.

Tendam attributes its success to positive performances across all brands and channels. Chairman and CEO Jaume Miquel expressed confidence in the company’s ability to navigate the uncertain economic environment, stating that Tendam is well-prepared operationally, financially, and from a business model standpoint.

Efficient sourcing strategies, proactive inventory management, and offsetting inflationary pressures have helped Tendam maintain a stable gross margin of 62.3% in the first half of the year. The company’s recurring EBITDA grew by 6.2% compared to the same period in 2021, with the digital business accounting for 20% of this figure.

In addition to strong financial results, Tendam has taken measures to reduce its gross debt by 19.3%. The company secured a green loan of €130.9 million and completed a bond issue worth €300 million, resulting in an improved debt structure and extended loan maturity until 2028. These actions have increased Tendam’s liquidity position, providing a competitive advantage in the current economic climate.

Tendam’s growth in the first half of the year was driven by the strengthening of its existing brands and the introduction of new ones, such as Dash and Stars, its first sports brand, and Out of the Office, featuring Andrés Velencoso. The development of the company’s online marketplace, offering 110 brands, has also contributed to its success.

Despite macroeconomic and geopolitical uncertainties, Tendam remains committed to its goal of sustainable growth, focusing on reducing debt and maintaining profitability. With its solid financial performance and improved debt structure, the company is well-equipped to navigate the current challenging business landscape and accelerate its growth plans.

Useful links:
1. Tendam Official Website
2. Business of Fashion