Tendam, the Spanish conglomerate that owns brands like Cortefiel, Women’s Secret, and Pedro del Hierro, is continuing to experience positive results every quarter. Between September and November of 2023, they recorded sales of 278.2 million euros, marking a 5.7% increase compared to the same period in 2022 and an 8.5% growth compared to 2019.

In the aggregate of the first nine months of the 2023/2024 fiscal year (from March 1 to November 30), Tendam achieved total sales of 884.3 million euros, a 5.2% rise compared to 2022 and an 8.4% increase compared to 2019.

As detailed in the company’s quarterly results report, like-for-like sales during this period increased by 6.2% compared to the previous year. “Tendam has closed the first nine months of the fiscal year with another strong quarter, even considering the impact of exceptionally warm weather for the season, during September and the first half of October,” emphasized the group.

In terms of profitability, Tendam’s recurring EBITDA grew by 12.6% in the third quarter of the 2023/2024 fiscal year, and for the full fiscal year, this figure increased by 9.4% to reach 210.7 million euros. The company’s gross margin also improved, reaching 64.2% (a 1% increase from 2022) in the first nine months.

The company continues to praise the performance of its Tendam 5.0 plan, which includes strategic levers for its own brands and third-party brands. “These initiatives accounted for 5.8% of total sales and 32.4% of the company’s net growth in the first nine months of the fiscal year,” they stated. Their multi-brand platform now includes 160 brands, and the sales of these third-party firms grew by 52%, accounting for 11.6% of the group’s growth between March and November.

As a result, sales of the group’s new brands (Hoss Intropia, Slowlove, High Spirits, OOTO, Dash and Stars, and Hi&Bye) and third-party brands increased by 37.8% compared to 2022, with the “core” brands of the group also evolving positively. According to the company, Cortefiel and Pedro del Hierro grew by 8.1%.

“The Tendam 5.0 strategy has proven to be a key lever for ensuring the sustained growth of the company, with incremental gains in margin and operational leverage. Currently, the new initiatives generate nearly 6% of total sales and represent more than 32% of net growth. Our commitment is to continue the accelerated development of the strategy in all its aspects,” emphasized Jaume Miquel, president and CEO of the company.

Tendam highlighted in its quarterly report the performance of its international markets, with particular emphasis on Mexico, which experienced a 20.5% growth at constant exchange rates. Regarding the company’s digital business, it “continued to grow during the first nine months of 2023, increasing its profitability, achieving an EBITDA margin of almost 31%, as a result, among other factors, of the effective integration of logistics and sales from physical and digital store networks,” the group explained.

“Considering the results achieved in the previous quarters, the successful Christmas campaign and the start of the sales season, the company faces the end of the fiscal year with improved forecasts and an estimated growth in recurring EBITDA of over 10%,” concluded Jaume Miquel.