Spanish fashion retail group Tendam, known for its popular clothing brands including Cortefiel, Pedro del Hierro, Springfield, Women’secret, and Fifty, has announced a positive increase in sales for the third quarter. With a 3.6% rise, reaching 256.3 million euros, Tendam’s total revenue for the first nine months of the year has reached 815.5 million euros, representing a year-on-year growth of 1.8%. The company attributes its success to a significant increase in online sales, up 28%, and its continuous investment in omnichannel strategies.
Tendam’s success can be credited to various factors. Firstly, the implementation of an effective loyalty program has helped the company drive customer loyalty and repeat business. Additionally, Tendam has maximized the potential of its physical stores by integrating efficient and profitable online operations. This combination of physical and online retail has resulted in increased sales and improved overall performance.
The company’s Ebitda profits have also experienced significant growth, reaching 62.1 million euros. This marks a 33% increase primarily driven by the adoption of the IFRS 16 Leases accounting standard. Excluding this impact, Ebitda profits still grew by 6.6% to 26.3 million euros.
Jaume Miquel, Chairman and CEO of Tendam, expressed his optimism for the company’s future, stating that despite a year characterized by volatility, Tendam has consistently improved quarter by quarter. This positive trend indicates the strength of Tendam’s brands and its unique business model. Miquel also mentioned that sales forecasts for the upcoming period remain cautiously positive, pointing to a robust sales period ahead.
Tendam has been focusing on expanding its operations and strengthening its presence in the fashion market. Over the past 12 months, the company has opened 31 directly-operated stores and launched ecommerce websites for Women’secret and Springfield in Hungary. Furthermore, Tendam has recently acquired the Hoss, Hoss Intropia, and Intropia brands. The company plans to relaunch these clothing labels for AW20, introducing a new digital channel and establishing retail partnerships with Cortefiel. With these strategic moves, Tendam aims to capitalize on its current momentum and further establish itself as a key player in the fashion industry.