Tendam posts sales and profit rise in H1
Tendam Brands, for the first half period reported total revenues of 515 million euros, up 202.6 million euros year-on-year and representing a 92 percent recovery of 2019 revenues for the same period. Like-for-like sales between March and August were up 19.4 percent versus the same period in 2020 and down by 1.7 percent versus 2019.
Between March and August 2021, the company said in a statement, digital sales were up 34.5 percent versus 2020 and up 84.5 percent versus 2019, representing 16 percent of sales in Spain and 13 percent of Tendam’s total sales.
Commenting on the company’s performance, Tendam chairman and CEO Jaume Miquel said: “The first half of the year has exceeded our expectations. All our brands and channels performed extremely well and online sales were up by an impressive 34.5 percent, which is all the more significant given the remarkable growth recorded by the online channel during the year of the pandemic as a consequence of operational limitations at the brick-and-mortar shops”.
Highlights of Tendam’s financial performance
By brand, the company added, online sales were particularly strong at Cortefiel and Pedro del Hierro, up 61 percent and Springfield, up 39 percent. In the six-month period ending August 2021, Cortefiel and Pedro del Hierro and the outlet brand Fifty boasted their strongest year-on-year growth, up 75.1 percent and 77.2 percent respectively.
Springfield and Women’secret posted year-on-year growth of 56 percent and 55.2 percent, and both Women’secret and Fifty reported higher revenues in the first half of 2021 than in the same period of 2019. The company further said that the new brands launched since March including Hoss Intropia, Slowlove and High Spirits, outperformed expectations and will post positive EBITDA in their first year of operation.
The company’s multi-brand digital platform added 35 new third-party brands in the first half of the financial year bringing the total to 60. Gross margin stood at 62.4 percent, holding steady versus H1 2019 and climbing more than three percentage points versus the figure for H1 2020. Adjusted EBITDA for the six-month period totalled 131.5 million euros, hitting 95 percent of the figure for 2019 and climbing 80.1 million euros versus H1 2020.
The company also reports a strong start to the autumn-winter campaign, with September sales up 21.6 percent year-on-year and a 4.5 percent improvement in like-for-like sales versus September 2019; Tendam has therefore recovered pre-Covid sales levels during this financial year, a year earlier than expected.