El Corte Inglés increases its sales by 7% in the Christmas campaign

What: Department store group, El Corte Inglés has increased its sales by 7% during its Christmas sales. 

Why it is important: The department store group has reported revenues above pre-pandemic levels and could close the year with a profit of more than the 120 million euros it obtained last year. 

In the first two weeks of its sales, El Corte Inglés has increased its sales by 10%. The department store’s revenues are above 2019 levels and is headed towards recovery. 

Experts forecast El Corte Inglés will register a gross operating result of 1,000 million euros in the period and could close the year with a profit of more than 120 million euros. 

The group’s success comes in the middle of an adjustment period for the company as they aim at reducing structural costs. In 2021, El Corte Inglés closed with a growth of 21.9% in its turnover, up to 12,508 million euros, and a net result of 120 million euros.