El Corte Inglés, the large Spanish department store chain, achieved its best ordinary results since 2009, thanks to the strength of retail and Travel & Insurance, which recorded the best year in its history. The company reached €16,333 million in revenues at the end of its financial year (29 February), 5.4% more than the previous year, and reduced financial debt to its lowest level in 16 years, at €2,059 million, equivalent to 1.9 times the company’s Ebitda. This allows it to receive for the first time in its history an Investment Grade rating from the rating agencies Standard & Poor’s and Fitch Ratings.
Ebitda amounted to €1,081 million, an increase of 13.6% over the previous year. Net profit amounted to €480 million, while recurring net profit grew 73.7% to €359 million.
