Tendam Q3 sales drop by 23.1 percent

Tendam Brands, the parent company of Tendam said, impacted by lockdowns, restrictions and limits on capacity across most of its markets during the second wave of the Covid-19 pandemic, particularly in November, the company’s total sales in the third quarter stood at 197.2 million euros, down 23.1 percent, while like-for-like sales were down 16.7 percent.

The company added that online sales continued to climb during the period with a 79 percent increase, now accounting for 20 percent of the group’s total sales in Spain.

Commenting on the results, Tendam Chairman and CEO, Jaume Miquel, said in a statement: “The future is digital, but still it needs to be connected to a physical shop. We maintain an extensive network of stores that contributes both to optimising customer service as well as fortifying our footprint across Spain, our primary market.”

The company further said that third quarter adjusted EBITDA was positive for the second quarter running at 35.6 million euros, while between September and November, Tendam posted a negative pre-tax result of 19.7 million euros.

Picture credit:Tendam Brands