Tendam's Q3 revenues increase by 31.3 percent
Tendam Brands, Tendam’s parent company reported third quarter revenues of 258.8 million euros, up 31.3 percent versus the same period in 2020 and outperforming the sales figure for Q3 2019 by 2.5 million euros.
The company said, like-for-like sales between September and November were up 26.5 percent versus the same period in 2020 and 5.7 percent versus Q3 2019. In the first nine months of 2021, from March to November, like-for-like sales grew by 22.2 percent versus 2020 and 0.7 percent versus 2019.
Commenting on the company’s results, Tendam chairman and CEO Jaume Miquel said: “Tendam has made remarkable progress this quarter in our omnichannel approach, the digitalisation of our points of sale and the consolidation of new brands that were launched in the first half. All this, coupled with the strong performance of our brands, provides further incentive to continue moving forward with our strategy, per our purpose”.
Tendam posts robust growth in Q3
The company added that Cortefiel and Pedro del Hierro, the two brands hit hardest by the pandemic, posted sales growth of 61.5 percent versus the nine-month period in 2020.
In the third quarter, Tendam’s digital sales were up 22.9 percent year on year and up 101.3 percent versus the same period in 2019, accounting for 19 percent of total sales in Spain. In the nine-month period between March and November 2021, the digital business grew by 29.5 percent versus 2020 and 89.3 percent versus 2019.
The company further said that the strategic initiatives driven by the company since the beginning of 2021 as part of its Tendam 5.0 plan accounted for 10.8% of Tendam’s growth between September and November. The group’s new own brands including Hoss Intropia, Slowlove and High Spirits posted positive EBITDA even before completing their first year. The multi-brand digital platform added 10 new brands, taking Tendam’s omnichannel range of brands to a total of 70.
Gross margin for the quarter stood at 66.2 percent, while adjusted EBITDA for the quarter totalled 63.5 million euros, up 78.3 percent versus the same period of 2020 and up 2.2 percent against 2019’s figures. For the first nine months of the reporting period, adjusted EBITDA stood at 194.9 million euros, outperforming the 108 million euros reported in 2020 and representing more than 97 percent of the 2019 figure. On a like for like basis, adjusted EBITDA was up 3 percent versus the same nine-month period in 2019.
Tendam’s EBT totalled 11.2 million euros, up 124 percent versus pre-pandemic levels in 2019. For the first nine months of the year, EBT totalled 38.6 million euros, up 4.3 percent versus 2019.
The company’s loyalty club membership saw growth with 2.3 million new members over the last 12 months, taking the total to 29.5 million. The percentage of sales accounted for by loyalty club members in Tendam’s own stores rose by 3.9 percentage points over the last 12 months to total 78 percent.