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25

January

Published at 12:52 pm

Tendam increases recurring EBITDA by 12.6% and total sales by 5.7% in Q3 2023/24

Tendam grew its recurring EBITDA by 9.4% and total sales by 5.2% in the first nine months of the financial year

From March to November 2023, EBIT rose by 31.4% year on year

Positive sales and profitability across all channels, formats and regions endorse the outstanding operational performance of the company’s omnichannel ecosystem

The initiatives outlined under the Tendam 5.0 plan, including new brands and third-party brands, continued to be key growth drivers for the Group, accounting for 5.8% of total sales and 32.4% of Tendam’s net growth over the period

Sales through the multi-brand omnichannel platform – which now features over 160 third-party brands – were up 52%, contributing +11.6% to Tendam’s net growth

Gross margin rose 1 p.p to 64.2% year on year

The number of loyalty club members increased by 7.6% to over 34.4 million

Tendam Brands, one of Europe’s leading omnichannel fashion retailers and the second largest operator in the Spanish market by market share[1], has today announced the results for the first nine months of its 2023/24 financial year, covering the period from 1 March to 30 November 2023.

Tendam Chairman and CEO Jaume Miquel said: “The Tendam 5.0 strategy has been instrumental in driving the Group’s sustained growth, delivering increasing margins and improving operating leverage. These new initiatives currently account for nearly 6% of total sales and contribute more than 32% to the company’s net growth. We are committed to driving all facets of the strategy forward swiftly.”

Tendam’s total sales in the third quarter of 2023 stood at €278.2 million, reflecting robust growth of 5.7% versus Q3 2022 and 8.5% versus the same period of 2019. Total sales rose to €884.3 million over the 9M period, up 5.2% year on year and 8.4% versus the same period of 2019. Like-for-like sales grew by 6.2% versus the same period of 2022. Tendam ended the first nine months of its financial year with another strong quarter, despite the impact of unseasonably warm weather conditions in September and the first half of October.

Recurring EBITDA was up 12.6% in the third quarter of the 2023/24 financial year. In the first nine months of the year, running from March to November 2023, Tendam’s recurring EBITDA stood at €210.7 million, 9.4% higher than in 9M 2022. On a like-for-like (pre-IFRS 16) basis, recurring EBITDA was €119.7 million, up 18.1% versus the same period in 2022. EBIT for the first nine months of the 2023/24 financial year was up 31.4% versus 9M 2022.

Tendam improved its gross margin to 64.2% over the 9M period, up 1 percentage point year on year.

The Tendam 5.0 plan, which encompasses the new strategic growth drivers including new own brands and third-party brands, continues to demonstrate its ability to deliver consistent, profitable and sustainable growth for Tendam. These initiatives accounted for 5.8% of total sales and 32.4% of Tendam’s net growth in the first nine months of the financial year. Sales by the more than 160 third-party brands on Tendam’s multi-brand omnichannel platform were up 52%, contributing 11.6% to the Group’s growth.

Sales by Tendam’s new own brands – Hoss Intropia, Slowlove, High Spirits, OOTO, Dash and Stars and HI&BYE – and by third-party brands increased by 37.8% versus 2022, and the core brands performed well, with Cortefiel and Pedro del Hierro sales up 8.1%.

Mexico outperformed in the global market, confirming its strong position as one of the key countries in Tendam’s five-year strategy, with growth of 20.5% at constant exchange rates.

The online business continued to grow in the first nine months of the financial year as profitability improved, delivering an EBITDA margin of almost 31%, thanks to the seamless integration in terms of logistics and sales of the brick-and-mortar store network and the digital business, among other factors.

The group’s pre-IFRS 16 net debt for the period was €371.8 million, representing a net debt-to-EBITDA ratio of 2.06x. In October, rating agencies S&P and Moody’s upgraded the outlook on their ratings for Tendam from “stable” to “positive”.

Tendam’s brand loyalty programmes, one of the company’s greatest assets, continued to grow, with more than 34.4 million members at the end of the period, up 7.6%. The proportion of total sales accounted for by customers who were members of various Tendam loyalty clubs and/or who shopped at Tendam via multiple channels (physical stores and online) was up to 25.9% at November 2023, reinforcing the Group’s multi-channel strategy.

Tendam enjoyed further endorsement of its sustainability strategy, securing the highest possible rating of Platinum from EcoVadis, which puts it in the top 1% of companies assessed by the agency on Environmental, Social and Governance criteria. Tendam also secured Control Union Certifications in Textile Exchange (GRS, Global Recycled Standard); RCS (Recycled Claim Standard); OCS (Organic Content Standard) and GOTS (Global Organic Textiles Standard).

“Tendam has continued to strengthen its corporate profile: it earned the top rating from EcoVadis, reassuring stakeholders that it complies fully with its ESG commitments, and has also seen the outlook for its ratings improved from stable to positive by both Moody’s and S&P, which is an endorsement of the company’s strong financial performance.

Based on the results obtained in the previous quarters and the strong Christmas and early sales campaigns, the company has improved its outlook for full-year 2023/24 and raised its estimated recurring EBITDA growth to over 10%,” said Jaume Miquel, Chairman and CEO of Tendam.


[1] Tendam is Spain’s second largest specialist fashion retailer by market share. Source: Kantar.



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