Tendam Brands, Tendam’s parent company reported total revenues for the twelve-month period to February 2022 were up by 43.3 percent to 1,113.4 million euros.
On a like-for-like basis, the company said, sales were up 22.9 percent versus 2020 and down just 0.3 percent versus 2019.
Commenting on the full year trading, Tendam president and CEO Jaume Miquel said in a release: “2021 was an extremely positive year for Tendam. We intend to continue growing the business in 2022 with enhanced profitability and a more prominent weighting of the digital business, with a 100 percent omni-channel approach.”
Highlights of Tendam’s annual results
The company added that revenues were up across all channels in 2021: in addition to the 30.4 percent growth posted by the digital channel, sales in directly-operated physical stores were up by 45.9 percent.
All of the group's own brands posted sales growth of at least 30 percent. Cortefiel y Pedro del Hierro, which was hit hardest by Covid-19, generated the strongest growth in sales at 55 percent, and Women'secret also continued to outperform. Digital sales were up by 30.4 percent versus 2020 and 95.6 percent versus 2019.
Tendam's online stores, particularly CTF, posted a 49 percent increase in sales, Fifty saw growth of 38 percent and Springfield, 27 percent. At year-end, the digital business represented 18.8 percent of total sales in Spain.
Of the 1,805 physical points of sale, 1,200 are directly-operated stores. The group's eight websites and apps receive 150 million visitors a year and generate 22 percent of its total EBITDA.
The company’s gross margin of 62 percent was up 0.7 percentage points, adjusted EBITDA totalled 277.2 million euros, almost double the 145.8 million euros achieved in FY20. The EBITDA margin stood at 24.9 percent. Tendam posted EBIT of 122 million euros, recovering to the region of the pre-Covid, 2019 high of 122.6 million euros.