Spanish conglomerate Tendam, the parent company of popular brands such as Cortefiel, Women’s Secret, and Pedro del Hierro, continues to experience positive results quarter after quarter. In the third quarter of 2023, the company reported a revenue of 280 million euros, which represents a 5.7% increase in sales compared to the same period in 2022.

Looking at the first nine months of the 2023/2024 fiscal year, from March 1 to November 30, Tendam achieved a total sales figure of 884.3 million euros, marking a 5.2% rise compared to the previous year and an impressive 8.4% increase compared to 2019. What’s more, the company’s like-for-like sales also saw a significant increase of 6.2% during this period.

Tendam attributes its strong performance partially to its Tendam 5.0 plan, which focuses on strategic initiatives for both its own brands and third-party brands. This plan accounted for 5.8% of total sales and a remarkable 32.4% of the company’s net growth in the first nine months of the fiscal year. With an expansion in its multi-brand platform, Tendam now features 160 brands, with sales from these third-party firms growing by an impressive 52% between March and November.

The success of Tendam is not only attributed to its new and third-party brands but also to the performance of its core brands. Sales of new brands and third-party brands experienced a whopping 37.8% increase compared to the previous year. Additionally, iconic brands like Cortefiel and Pedro del Hierro saw growth of 8.1%.

The company’s recurring earnings before interest, taxes, depreciation, and amortization (EBITDA) in the third quarter of the fiscal year grew by 12.6%, reaching a total of 210.7 million euros for the full fiscal year. Furthermore, Tendam’s gross margin improved, reaching an impressive 64.2% in the first nine months. This success can be attributed to the continuous development and implementation of the Tendam 5.0 strategy, which has proven to be instrumental in the company’s growth and profitability.

Tendam is also pleased with the performance of its international markets, particularly in Mexico, where there was a growth rate of 20.5% at constant exchange rates. The company’s digital business has also flourished, boasting increased profitability and an EBITDA margin of almost 31%. This success is due to the effective integration of logistics and sales from both physical and digital store networks.

With strong results in previous quarters, a successful Christmas campaign, and the start of the sales season, Tendam is optimistic about future performance. The company anticipates a growth in recurring EBITDA of over 10% by the end of the fiscal year. Jaume Miquel, president and CEO of Tendam, expressed his commitment to the ongoing development of the Tendam 5.0 strategy to ensure sustained growth and drive operational leverage.

Overall, Tendam’s consistent growth and positive sales figures demonstrate the success of its strategic initiatives, strong brand performance, and expanding multi-brand platform. Within the fashion retail industry, Tendam has positioned itself as a key player.

Useful links:
1. Tendam Official Website
2. Cortefiel Official Website