El Corte Inglés: unanimity defines the first shareholders meeting chaired by Marta Álvarez

Madrid - The first meeting of shareholders of Spanish department stores operator El Corte Inglés chaired by Marta Álvarez passed quietly, on a day marked by unanimity.

Although it did not provide too much detail regarding the measures they’re planning to take to improve the profitability of the group during this meeting, the management team said that “we are a company that anticipates citizen concerns, that looks to the future and is committed to full sustainability in all business areas, from fashion to food. In the coming years we will continue to increase our offer of sustainable products. ” One of the outstanding measures is the progressive elimination of "single-use bags": the objective is to "reach zero waste in all our shopping centres."

In addition, Álvarez wanted to launch an optimistic and conciliatory message after a convulsive year: "We have a future and momentum to continue setting trends." And, despite the change in the presidency, El Corte Inglés has not altered its strategy to improve both revenue and business profitability.

Other strategic cutting measures approved by a large majority were the renewal of Manuel Pizarro as director (his term expired this year). The rest of the matters included in the agenda have also been approved unanimously by a large majority: the ratification of the transfers of the shares in the portfolio, the authorisation for the acquisition of own shares, the approval of remuneration of the board of directors and the delegation of faculties

The board unanimously approves the accounts for the last fiscal year

The group obtained a turnover last year of 15,783 million euros, 1.1 percent more, which means the fifth consecutive year upward for this indicator. Even so, it is far from almost 18 billion euros registred in 2007, its record to date.

Market sources remind that it was Jesus Nuño de la Rosa who has laid the foundations for the future of the company during the last twelve months and that now it is up to Marta Álvarez to fully execute this plan successfully. At the moment, the market seems to applaud these measures, rating the group's bond issue as "investment grade".

In this sense, the fact that the Sheikh Al Thani, who owns 10 percent of the shareholding, delegated his vote on the president has been seen by many as the final boost to the latter in the battle she has starred with Dimas Gimeno over the group's leadership.

Ona related note, Marta Álvarez reviewed the accounts for the year 2018 (closed at the end of last February), in which revenues grew 1.1 percent, to 15.7 billion, with a net profit of 258.2 million euros, 27.7 percent more. At the meeting, it was also agreed to the distribution of 75 million euro dividend (22 percent more than the previous year and the largest dividend in the last decade.)

Photo credits:Castellana building, Madrid. El Corte Inglés, oficial website