Tendam grew by 9% in 2022 to over 1.2 billion euros and earned 3% more in profits
Roberta HERRERA
For the fiscal year 2022-2023, Tendam, the Spanish group that owns brands such as SpringfieldCortefiel
“The 2022 financial year was driven by the significant progress made in the transformation agenda designed in 2020, which has positioned Tendam as a unique and profitable omnichannel ecosystem with high growth potential. The strategic pillars under Tendam 5.0 were crucial in gaining market share and developing a real omnichannel model that provides customer access anytime and anywhere,” said Jaume Miquel, president and CEO of the company.
With strong cash generation, the group managed to reduce its net debt by 33.4 million euros, amounting to 340.4 million euros (pre-IFRS 16). The company reported a significant improvement in the debt ratio, which now stands at 2.1 times EBITDA at the end of the 2022 fiscal year, compared to 2.42 in 2021.
On a like-for-like basis, Tendam achieved a 10.4% sales growth in 2022 compared to the previous year, surpassing the 2019 figures by 9.2%. Online sales increased by 10.6%, accounting for 19% of total sales in Spain.
Beyond financial performance, the group emphasized the robust progression of its new own brands launched in the past two years and its multi brand platform, which includes 140 brands, representing 4.8% of total sales.
Tendam has made decisive moves to expand its portfolio in the last 24 months. In 2021, it relaunched Hoss Intropia
In terms of international expansion, the group opened stores in Mexico (with over 120 own and franchised stores), Ecuador, Peru, Venezuela, and the United Arab Emirates. “In the Iberian Peninsula
Tendam leverages its loyalty clubs as a means to connect with customers. The total number of members across all brands reached 32.7 million at the end of the fiscal year, representing an 8.4% increase compared to the previous year. Multiclub and multichannel customers accounted for 25.2% of total sales.
Tendam concludes its annual report by highlighting its sustainability efforts, including the elimination of 97% of single-use plastics and participation in the “Retailers for the Climate” program, among other initiatives.
