Tendam like-for-like sales increase 10.4 percent versus 2021

Tendam Brands, the parent company of Tendam, announced that in the financial year 2022, its total sales rose 8.8 percent to 1.21 billion euros.

The company said in a statement that on a like-for-like basis, sales were up 10.4 percent versus 2021 and 9.2 percent versus 2019. Tendam’s digital business posted growth of 10.6 percent and now accounts for 19 percent of total sales in Spain.

Commenting on the company’s performance, Tendam Chairman and CEO Jaume Miquel said: “The omnichannel model is the future of retail and Tendam is already positioned for success. The excellent deployment of the Tendam 5.0 strategic plan by our entire team has allowed us to continue to drive the group forward to even higher levels of growth and profitability. Early figures for 2023 already reveal strong progress for our growth model.”

The company added that one of the company's strategic growth drivers is the incubation and launch of its own new brands; this strategy has seen six new brands integrated into the Tendam portfolio over the last two years. Following the launch of Hoss Intropia, SlowLove and Hi Spirits in 2021, Tendam launched women's sportswear brand Dash and Stars and the first new brand designed specifically for men, Ooto, in 2022. Hi&Bye, Tendam's first underwear and swimwear brand for gen Z customers, began operating in 2023.

Tendam continues to roll out its global expansion, opening new stores for its core brands in Mexico, where it now has a digital store and more than 120 physical points of sale, including directly-operated stores and franchises, as well as Ecuador, Peru, Venezuela and the UAE, among others.

The number of loyalty club members for Tendam's brands stood at 32.7 million, up 8.4 percent at the end of the financial year, with 2.5 million new members joining up over the period. Multiclub and multichannel customers accounted for 25.2 percent of total sales for the year.

The company further said that gross margin stood at 741.9 million euros, up 51.1 million euros versus 2021, and closed financial year 2022 at 61.3 percent. Adjusted EBITDA totalled over 285 million, up 3 percent versus 2021.