El Corte Inglés negotiates to extend the maturity of the debt to 2029

What: El Corte Inglés is in talks with banks to extend the maturity of their debt to 2029.

Why it is important: This move would allow El Corte Inglés to continue benefiting from low-interest debt in a time of rising interest rates.

The company had previously secured a loan of EUR 2.6 billion in 2022, and now it wants to extend the repayment period by one year. The debt reduction efforts made by the company in recent years have contributed to its improved financial position. In the fiscal year ending in February 2023, El Corte Inglés reported a 22.5% increase in revenue, reaching EUR 15.3 billion. The positive performance of the company's business activities led to a significant increase in net profit, reaching EUR 870 million.