El Corte Inglés posts a positive EBITDA

What: El Corte Inglés Group posted a positive EBITDA of EUR 234 million, a EUR 416 million year-on-year increase on the same period last year (March-August).

Why it is important: Despite the absence of tourism and the restrictions still in place throughout the period, retail revenue is USD 5.42 billion, in line with 2019. 

The Group's sales performance was driven mainly by retail, led by a strong recovery in fashion. Management improvements in the Group allowed to improve the gross margin by 2.7 points, to 30.2%.