El Corte Ingles profit rises 34 percent and revenues up 4 percent for the full year ending Feb 2016
Spanish department store operator El Corte Ingles reports a rise in net profit of34 percent to 158 million euros and revenues were up 4 percent to 15.2 billion euros, helped by lower debt-servicing costs, in the year ending Feb. 29, 2016.
Last year’s cash injection of 1 billion euros from former Qatari prime minister, Sheikh Hamad Bin Jassim Bin Jaber Al Thani, in exchange for a 10 percent share allowed the retailer to cut financial costs by nearly a third.
Strong consumer demand has been one of the driving forces of economic growth as Spaniards who kept their jobs during a recession that ended three years ago spend on big ticket items like dishwashers and holidays.
Earnings before interest, tax, depreciation and amortisation (EBITDA) at the retailer which sells everything from high-end clothing brands to televisions rose 10.4 percent to 913 million euros (778.10 million pounds) in 2015.