ndp-06102022

Tendam grows revenues by 8.6% in the first nine months of 2022 to stand at a record high for the 9M period thanks to its new brands and omnichannel ecosystem

With positive sales across all channels, the company’s results confirm the excellent operational performance of its efficient omni-channel ecosystem. Tendam posted record 9M sales in 2022.

Strategic growth initiatives – new brands and multi-brand platform – accounted for 26.4% of Tendam’s net revenue growth

During the reporting period, the Group paid down gross debt by 19.3%, contributing €103.3 million from its own cash reserves, securing a green loan worth €130.9 million and issuing €300 million in bonds

The number of loyalty club members increased by 8.5% to more than 32 million

Tendam made strong strides in its sustainability programme earning an A rating from the Carbon Disclosure Project (CDP), increased the weight of sustainable products in the company’s collections to 45% and reached gender parity on the Board of Directors

Tendam Brands, the parent company of Tendam, one of Europe’s leading omnichannel specialist fashion retailers, today announces its results for the period from 1 March through 30 November 2022, corresponding to the first nine months of the company’s 2022-23 financial year.

Tendam President and CEO Jaume Miquel said: “Tendam has become an open omni-channel ecosystem which is unrivalled in the market, with ten own brands, 32 million loyalty club members and over 125 third-party brands, all available in digital format. This is the ideal starting point to deliver further strong, long-term growth.”

Tendam’s total revenues increased by 8.6% to €840.7 million in the first nine months of the year. Like-for-like sales were up by almost 10% versus 2021 and 9.1% versus 2019. Tendam posted its best financial results in its history in 9M 2022. Despite it being a challenging period due to adverse economic and weather conditions, the company’s total sales in the third quarter stood at €263.2 million, up 1.7% and 2.7% compared to the same period in 2021 and 2019, respectively.

At 30 November 2022, Tendam’s digital sales accounted for 18% of the company’s total sales. In the first nine months of the reporting period, the digital business grew by 15.4% versus 2021 and 126.3% versus 2019.

The new growth initiatives under the Tendam 5.0 umbrella strategy accounted for 4.5% of the company’s total sales between March and November, delivering 26.4% of the Group’s net growth.

Tendam’s own brands continued to put in an outstanding performance, with increased like-for-like sales versus 2021 and 2019 across the board.

The company’s results confirm the excellent operational performance of its unique omni-channel ecosystem, under which brick-and-mortar stores serving as logistics and sales hubs are seamlessly connected to the digital business. The model successfully delivers 21.9% of digital sales through the network of brick-and-mortar stores, which also ship 14.4% of online purchases. The network of stores, which is distributed throughout Spain and is an important source of growth and local employment, accounts for 50% of online order collections and handles around 75% of returns.

Gross margin remained above 63% for the first nine months.

Adjusted EBITDA stood at €192.5 million in 9M 2022, down 1.2% versus 2021. On a like for like (pre-IFRS 16) basis, adjusted EBITDA was €101.4 million, above 2019 levels, cementing the company’s recovery and outperforming pre-pandemic levels.

At the end of the nine months, Tendam’s net debt amounted to €408 million, and its net debt to EBITDA ratio improved to 2.69x. In October, the Group paid down gross debt by 19.3%, contributing €103.3 million from its own cash reserves, securing a green loan worth €130.9 million and issuing €300 million in bonds.

Loyalty club membership continues to enjoy sustained growth with 2.5 million new members over the last 12 months, taking the total to 32 million. The success of Club Hoss and Club Fifty was particularly noteworthy, with significant increases in the number of members. Loyalty club members accounted for 62.3% and 68.6% of these brands’ sales respectively over the 9M period. The number of club members who shopped at Tendam via multiple channels (physical stores and online) as of November 2022 increased to 15.2%, reflecting clear progress for the loyalty clubs’ multi-channel strategy.

Tendam President and CEO Jaume Miquel said: “The outlook for the fourth quarter of our financial year is very positive with double-digit like-for-like sales growth across all channels.”

Regarding sustainability, Tendam’s climate strategy has been recognised by the Carbon Disclosure Project Climate (CDP), which upgraded its rating to an A. The company’s first green loan, signed in October, is tied to lowering greenhouse gas emissions and increasing the weight of sustainable products in its collections. The company expects the proportion of products with sustainable content to reach its target of 45% by the end of the year.

In terms of diversity, Tendam’s Board of Directors achieved gender parity.

ndp-tendam-12012023-v2

Decathlon, H&M, IKEA, Inditex, Kiabi, Mango and Tendam create an association for the collective management of textile waste in Spain

Decathlon, H&M, IKEA, Inditex, Kiabi, Mango and Tendam have created the Association for Textile Waste Management, with the aim of managing clothing and footwear waste generated in the Spanish market, through a Collective System of Extended Producer Responsibility (SCRAP). With the constitution of this association, officialised yesterday in Museo del Traje, the associated companies want to give a collective boost to textile recycling in Spain, advancing towards a circular model through the correct management of waste from the sector.

The Association for Textile Waste Management will enable compliance with the Extended Producer Responsibility, which has arisen from the transposition of Directive 2008/98/CE on Waste into Spanish legislation through Law 7/2022, of 8 April, on waste and contaminated land for a circular economy.

The draft legislation establishes the separate collection of textile waste by local organisations by 31 December 2024. Within three years of the new Law coming into effect, the Ministry for Ecological Transition and Demographic Challenge (MITECO) will develop systems of extended producer responsibility for textiles, in other words, legislation that will require the separate management of textile waste flows from other municipal waste.

The Textile Waste Management Association, a not-for-profit association, has been formally incorporated in the Spanish National Register of Associations. The association members are Decathlon, H&M, IKEA, Inditex, Kiabi, Mango and Tendam, the companies that agreed to create the association and which will work on the operational, financial and data model of SCRAP for the management of clothing and footwear waste in the Spanish market. 

The presidency of the Textile Waste Management Association will rotate among its members annually, starting with Mango. One representative from each company will sit on the Governing Body of the association.

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Tendam grows sales by 12.1% in first half of 2022

From March to August 2022, Tendam’s total revenues stood at €577.4 million, up €62.4 million year on year

Adjusted EBITDA for the period totalled €139.6 million, climbing 6.2% versus H1 2021 and outperforming pre-pandemic results for the same period

At the end of the reporting period the Group had paid down gross debt by 19.3%, contributing €103.3 million from its own cash reserves, securing a green loan worth €130.9 million and issuing €300 million in bonds

Products with sustainable content now account for 47% of the total, beating the target set for 2022 by two percentage points

The number of loyalty club members grew by 8.8% versus H1 2021 to break through the 31 million threshold

Tendam Brands, the parent company of Tendam, one of Europe’s leading omnichannel specialist fashion retailers, today announces its results for the period from 1 March through 31 August 2022, corresponding to the first half of the company’s 2022-23 financial year.

Tendam President and CEO Jaume Miquel said: “We closed the first half of the financial year with robust business growth driven by outstanding performances across all brands and channels. Tendam is better positioned than ever operationally, financially and in terms of its business model to weather the current uncertain conditions, as evidenced by these strong results and the company’s new debt structure.”

Tendam’s total revenues for the first half of 2022 stood at €577.4 million, up 12.1% year on year. On a like-for-like basis, sales were up by 13% versus 2021 and 8.9% versus 2019. Despite the global backdrop, like-for-like sales in the second quarter climbed 10.4% versus 2021 and 6.2% versus 2019.

Tendam’s brand portfolio put in an outstanding performance: all group brands posted an increase in total sales of more than 10% versus the first half of 2021.

In the first half of the year, the digital business posted growth of 16.6% versus 2021 and 117.2% versus 2019. From 1 March to 31 August, the digital business continued to grow its share of total sales to account for 17.2% of all sales in Spain.

Gross margin held steady year on year at 62.3%, reflecting Tendam’s efficient procurement strategy and active management of promotions and inventory levels and effectively offsetting inflationary pressures.

Adjusted EBITDA for the period totalled €139.6 million, climbing 6.2% versus H1 2021 and outperforming the pre-pandemic results for the same period, posting positive growth even against a backdrop of rising inflation. Tendam’s digital business accounts for around 20% of the company’s total EBITDA.

The company’s strategic growth drivers continued to contribute demonstrably to a positive business performance, delivering strong results and endorsing the Tendam 5.0 plan. By strengthening group brands, launching new labels, engaging with consumers and building a unique, omni-channel ecosystem which is open to third-party brands – with over 110 brands at the end of H1 – Tendam has ensured a seamless integration of its digital and physical businesses. New initiatives accounted for 18.6% of Tendam’s net growth in the period and now represent 4% of the company’s total sales.

From March to August, Tendam’s earnings before tax (EBT) grew by over 34% to stand at €36.8 million.

The company’s liquidity position improved by more than €72 million versus H1 2019 to stand at €360.1 million at 31 August 2022. At the end of the first half, Tendam’s pre-IRFS 16 net debt amounted to €363.3 million, down €89 million versus August 2021, dramatically reducing the company’s net debt to EBITDA ratio to 2.2x.

At the close of H1, the Group had paid down gross debt by 19.3%, contributing €103.3 million from its own cash reserves, securing a green loan worth €130.9 million from global and domestic financial institutions and issuing bonds for a total of €300 million. Tendam’s improved debt structure, which has pushed back maturities until 2028, affords it a strong competitive advantage which will allow the company to better withstand the current economic scenario whilst simultaneously stepping up its growth plans.

The number of loyalty club members for the various Tendam brands increased by almost 9% to total 31.4 million.

The company also continued to make great strides with its sustainability strategy. In addition to signing its first ever green loan, with terms tied to sustainability targets, Tendam’s Board of Directors also achieved gender parity in the H1 period.

The proportion of products with sustainable content rose by two percentage points to 47%, growing at a faster pace than expected and already outstripping the 45% target set for the full financial year ending in 2023. Tendam has also removed more than 90% of the plastic used in its B2C (business-to-consumer) retail operations.

“Despite the uncertain macroeconomic and geopolitical backdrop, we remain committed to our goal of delivering sustainable growth, cutting debt levels and protecting the company’s profitability,” said Tendam President and CEO Jaume Miquel.

ndp-06102022

Tendam Brands reduces gross debt by 19.3% and extends maturity

NOT FOR DISTRIBUTION OR RELEASE IN OR INTO ANY JURISDICTION IN WHICH OFFERS OR SALES OF SECURITIES WOULD BE PROHIBITED BY APPLICABLE LAW

Tendam Brands reduces gross debt by 19.3% and extends maturity

  • Early redemption of the full amount of €534.1 million in gross debt maturing in 2024 
  • The company has put up €103.2 million from its cash reserves and secured a €130.9 million green loan with leading financial institutions as well as issuing new bonds totalling €300 million
  • Following this transaction, Tendam Brands’ gross debt stands at €430.9 million, down 19.3% compared to €534.1 million in August 2022

Tendam Brands announces today the early redemption of €534.1 million in debt, two years ahead of the maturity date for its 2017 bond issues.

Tendam Chairman and CEO, Jaume Miquel, said: “This transaction underscores Tendam’s ability to generate cash, as well as the significant backing the company has received from reputable financial institutions and institutional investors for its transformation plan and its progress in sustainability. The new improved debt structure puts us at a competitive advantage to further accelerate our growth plans and shield the company from the current economic downturn.”

The early repayment of Tendam Brand’s gross debt was delivered via a three-part strategy: the provision of €103.2 million from its own cash reserves, the signing of a green loan worth €130.9 million linked to sustainable goals and a new bond issue totalling €300 million.

The green loan, the first of its kind for Tendam, is linked to sustainability targets and builds on the company’s solid progress in this area. The terms of the green loan are tied to lowering greenhouse gas emissions and increasing the weight of sustainable products in the company’s collections. By the end of the 2021 financial year, Tendam had already delivered 30% more sustainable garments, bringing forward its target of aiming for 45% of its products to be more sustainable by the end of the 2022 financial year.

Tendam’s solid operating performance and financial solvency, which outperformed the company’s forecasts, were critical in securing the syndicated loan provided by leading national and international financial institutions.

With regard to the bond issuance, Tendam Brands is announcing today the successful pricing of floating rate senior secured notes maturing in 2028 for an aggregate principal amount of €300 million. The market reacted positively to the issuance, with demand more than doubling the nominal amount subscribed of €300 million.

Deutsche Bank, Société Générale, BNP Paribas, Crédit Agricole, ICO, CaixaBank, BBVA, Intesa Sanpaolo, and Banco de Sabadell were the banks that took part in this global refinancing process.

With maturities of more than five years and a weighted average variable interest rate of Euribor +6.1%, the success of this financing transaction ensures the company’s long-term financial stability. Upon completion, Tendam’s gross debt will stand at €430.9 million, compared to €534.1 million as of 31 August 2022.

This transaction represents a further milestone in the Group’s roadmap to pare down its gross debt, following the €65.9 million in bond buybacks the company completed in 2018 and the early repayment of the entire €132.5 million ICO loan by the Group in February 2022.

With the help of commercial banks and qualified investors, the company has been able to continue reducing its debt and secure favourable financing terms thanks to its outstanding performance and cash flow generation capabilities. Tendam Brands’ leverage ratio decreased in August 2022 to 2.2x EBITDA from 4.5x EBITDA in August 2021.

The company’s exceptional success is reflected in current business developments delivered under the Tendam 5.0 Strategic Plan and its ongoing recovery from the pandemic. Total revenue for the six months ended 31 August 2022 stood at approximately €577.4 million, up from €515 million for the six months ended 31 August 2021, a 12.1% increase.

Cautionary Statement

The Notes will be offered in a private placement to qualified institutional buyers pursuant to Rule 144A and non-U.S. persons pursuant to Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), subject to market and other conditions.  No assurance can be given that the offering of the Notes will be completed or, if completed, as to the terms on which it is completed. The Notes to be offered have not been registered under the Securities Act or securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or pursuant to an applicable exemption from the registration requirements of the Securities Act and any other applicable securities laws. This release does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

Statements in this release which are not historical facts are forward-looking statements.  All forward-looking statements involve risks and uncertainties which could affect the Group’s actual results and could cause their actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Group.  Any forward-looking statements and information contained in this release are made as of the date hereof and the Group undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

In member states of the European Economic Area, this release (and any offer of the securities referred to herein if made subsequently) is only addressed to and directed at persons who are  “qualified investors” within the meaning of Article 2(e) of Regulation (EU) 2017/1129 (as amended, the “Prospectus Regulation”) or, if resident in the United Kingdom, at persons who are qualified investors within the meaning of Article 2(e) of the Prospectus Regulation as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as applicable.

This release is directed only at persons who (i) are outside the United Kingdom, (ii) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Financial Promotion Order”), (iii) fall within Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Promotion Order, or (iv) to whom an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of securities may otherwise be lawfully communicated or caused to be communicated (all such persons together being referred to as “relevant persons”). Any investment activity to which this communication relates will only be available to and will only be engaged with, relevant persons.  Any person who is not a relevant person should not act or rely on this document or any of its contents.

In connection with the issuance of the Notes, the stabilizing manager (or any person acting on behalf of the stabilizing manager) may over-allot the Notes or effect transactions with a view to supporting the market price of the Notes at a level higher than that which might otherwise prevail for a limited period after the issue date. However, there is no obligation or assurance that the stabilizing manager (or any person acting on behalf of the stabilizing manager) will undertake stabilization action.  Any stabilization action may begin on or after the date on which adequate public disclosure of the terms of the offer of the Notes is made and, if commenced, may be discontinued at any time and must be brought to an end no later than the earlier of 30 days after the issue date of the Notes and 60 days after the date of allotment of the Notes.  Any stabilization action or over-allotment must be conducted by the stabilizing manager (or person acting on behalf of the stabilizing manager) in accordance with all applicable laws and rules.

The initial purchasers are acting on behalf of the Issuer and no one else in connection with any offering of the Notes and will not be responsible to any other person for providing the protections afforded to clients of the respective initial purchasers nor for providing advice in relation to any offering of the Notes.

Womensecret-C-Luis-de-Morales_Sevilla

Tendam posts robust 18.6% increase in sales and grows market share in first quarter of 2022

Tendam’s impressive performance has positioned the company comfortably above pre-pandemic levels, with like-for-like sales up +11.3% versus 2019 and digital sales climbing from 8% to 17% of the total in Spain.

In the first quarter of financial year 2022, Tendam’s total revenues grew by 18.6% to €234.8 million, outperforming the Q1 2021 figures across all channels and brands. The digital channel grew by 19%.

Adjusted EBITDA for the quarter stood at €47.3 million, up 16.8% versus the same quarter of the previous year. EBITDA from the online business now accounts for about one third of the group’s total EBITDA.

The company’s cash position also improved versus Q1 2019 to over €300 million.

The company is set to launch another own brand in September, its fifth in the last twelve months.

Tendam Brands, the parent company of Tendam, one of Europe’s leading omnichannel specialist fashion retailers, today announces its results for the period from 1 March through 31 May 2022, corresponding to the first quarter of the company’s 2022-23 financial year.

Tendam President and CEO Jaume Miquel said: “The robust growth posted by Tendam in the first quarter underscores the success of our transformation agenda and positions the company comfortably above pre-pandemic levels. Our highly profitable, unparalleled integrated omnichannel ecosystem, which allows us to create and grow our own brands whilst remaining open to third party names, has proven its ability to gain freed-up market share and afford a robust competitive advantage over the rest of the market.”

Tendam’s total revenues for the first quarter of 2022 stood at €234.8 million, climbing by 18.6% year on year and 7.3% versus the first quarter of 2019, before the pandemic. On a like-for-like basis, sales grew by 16.9% versus 2021 and 11.3% versus 2019. Revenues were up across all channels in the first quarter of financial year 2022.

Tendam’s portfolio put in an outstanding performance with growth in total sales across all own brands versus 2021. The top performers were Springfield and Cortefiel/Pedro del Hierro, which posted sales growth of 24.3% and 19.4%, respectively.

Digital sales increased by 19% versus Q1 2021 and were up by 127% versus 2019. At the end of the first quarter of 2022, the digital business accounted for 17% of total sales in Spain, more than twice the proportion it represented pre-Covid. All brands saw stronger digital sales, particularly Cortefiel/Pedro del Hierro, which posted an increase of 38%.

Tendam’s strategic growth drivers continued to buoy the company’s results, underscoring the effectiveness of the Tendam 5.0 plan. These initiatives, spearheaded by the recently-launched new brands and the onmichannel multi-brand platform – which now features a total of 100 labels – have had a positive impact on Tendam’s total sales and incremental EBITDA and driven greater engagement with new, younger customers. They accounted for 121% of Tendam’s growth in the first quarter of 2022 and now represent 3.8% of the company’s total sales.

In line with its strategy, Tendam is set to launch a new own brand in September, a 100% sustainable men’s label which is the fifth brand launched by Tendam in the last 12 months. Sales by Tendam’s new own brands – Hoss Intropia, Slowlove, High Spirits and Dash & Stars – posted double-digit first quarter growth.

Adjusted EBITDA for the first quarter stood at €47.3 million, up almost 17% versus the comparable quarter of 2021 and significantly outperforming pre-Covid levels. EBITDA from the online business now accounts for about one third of the group’s total EBITDA.

At 31 May, the company’s cash position had increased to €300 million, versus €214.3 million in the comparable pre-Covid period. At the end of May, Tendam’s pre-IRFS 16 net debt was down versus the previous two years to €424.5 million, slashing its net debt to EBITDA ratio to 2.6x.

The number of loyalty club members for the various Tendam brands increased by over 9% to total 30.8 million.

Tendam has also continued to make great strides in its sustainability strategy. It has now brought forward its medium-term targets and is aiming for 45% of its products to be more sustainable by year-end. The company has removed more than 90% of B2C plastic from its retail operations.

“The overarching goal of Tendam’s strategy is to ensure sustainable and profitable growth by consistently building market share,” added Tendam President and CEO Jaume Miquel.

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Tendam dispara sus ventas un 43,3% y el EBITDA un 90% hasta los 277,2 millones de euros en 2021

Durante el ejercicio 2021 los ingresos totales de Tendam ascendieron a 1.113,4 millones de euros (+43,3%) creciendo de forma consistente en todos los canales y marcas. El digital, que ya representa casi el 19% de las ventas totales en España, creció un +30,4%.

El EBITDA recurrente del ejercicio alcanzó los 277,2 millones de euros, casi duplicando el EBITDA del año anterior.

Las nuevas marcas lanzadas en 2021 y la plataforma omnicanal multimarca registraron EBITDA positivo en su primer año confirmando la rentabilidad del modelo estratégico.

Tendam alcanzó 122 millones de euros de beneficio antes de intereses e impuestos (EBIT) durante el período, casi en los máximos históricos registrados en el 2019, previo a la pandemia. 

El margen bruto alcanzó un robusto 62%, mejorando el 61,3% del 2020 en línea al del ejercicio 2019 absorbiendo las tensiones inflacionistas y de cadena de suministro.

Gracias a una fuerte generación de caja Tendam repagó anticipadamente el total del préstamo ICO, redujo su deuda neta pre NIIF 16 hasta los 373,8 millones de euros y bajó su ratio de endeudamiento significativamente hasta 2,4 veces EBITDA. S&P Global y Moody’s, subieron sus respectivos ratings de la compañía hasta ‘B+’ y ‘B1’, ambos con perspectiva estable.

El número de socios en los clubes de fidelización creció en un +9% y supera la barrera de los 30 millones de asociados.

Tendam alcanzó el 30% de prendas más sostenibles y ha adelantado su objetivo del 50% al corto plazo.

Esta evolución ha situado a la compañía en niveles prepandemia tras haber registrado en 2019 cifras históricamente altas y demuestra el acierto de las iniciativas de crecimiento del plan de transformación Tendam 5.0. 

La compañía ha comenzado el ejercicio 2022 con un desempeño muy positivo en ventas y EBITDA durante el primer trimestre. 

Tendam Brands, la sociedad dominante de Tendam, uno de los principales grupos omnicanal de Europa en el sector de moda especializada, anuncia hoy sus resultados para el período comprendido entre el 1 de marzo de 2021 y el 28 de febrero de 2022, que se corresponde con su ejercicio fiscal 2021/22. 

Jaume Miquel, presidente y consejero delegado de Tendam destacó: “2021 ha sido un año muy positivo para Tendam en el que hemos avanzado decididamente y con éxito nuestra agenda de transformación, creando un ecosistema omnicanal de retail diferenciado, rentable y con alta capacidad de crecimiento y en el que los valores sociales y de sostenibilidad están incorporados en la estrategia de forma integrada. Confiamos en seguir acelerando el negocio en 2022 con mejoras en la rentabilidad al tiempo que incrementamos el peso del digital desde una perspectiva 100% omnicanal”. 

Los ingresos totales de Tendam para los doce meses (marzo de 2021 a febrero de 2022) crecieron de forma robusta alcanzando los 1.113,4 millones de euros, incrementándose en un +43,3% con respecto al ejercicio anterior. A superficie comparable las ventas crecieron un +22,9% versus el 2020 y un -0,3% respecto a 2019. En 2021 todos los canales aumentaron sus ingresos: al incremento del digital del +30,4% se suman las ventas en tiendas físicas de gestión propia que se elevaron en un 45,9% y la fuerte recuperación del negocio de franquicias.

Todas las marcas propias del Grupo incrementaron sus ventas por encima del 30% frente al año pasado. Así, destacan Cortefiel y Pedro del Hierro (la más afectada por la Covid-19) que registró el mayor crecimiento en ventas (+55%) y el continuado comportamiento positivo de Women’secret.

Las ventas digitales se han disparado un +30,4% respecto a 2020 y un +95,6% versus 2019. Todas las tiendas digitales de Tendam continuaron creciendo de forma significativa en cómputo interanual destacando CTF (+49%), Fifty (+38%) y Springfield (+27%). A cierre del ejercicio, el negocio digital representaba el 18,8% de las ventas totales en España.

Al respecto Jaume Miquel destacó “la relevancia clave del modelo omnicanal de Tendam, en el que el negocio de e-commerce generó en el ejercicio el 22% del EBITDA del Grupo y en el que las tiendas físicas actúan como hub logístico y de venta 100% conectado al negocio digital”.

De los 1.805 puntos de venta físicos, 1.200 son de gestión propia y conforman una red omnicanal y capilar íntimamente conectada con el negocio digital que recibe más de 200 millones de visitas al año. Las ocho webs/apps del Grupo reciben un tráfico de 150 millones visitantes al año y generan por su parte el 22% del EBITDA.

La compañía ha alcanzado un robusto margen bruto del 62% durante el ejercicio 2021, que mejora en 0,7 p.p. el 61,3% del 2020 y en los niveles prepandemia. El margen bruto obtenido por Tendam es resultado del acertado posicionamiento de la compañía, la gestión activa de la actividad promocional y la capacidad de la compañía para amortiguar el impacto de la coyuntura inflacionista y de las tensiones en la cadena de suministro, 

El EBITDA recurrente sumó 277,2 millones de euros casi duplicando los 145,8 millones de euros alcanzados en el ejercicio anterior. La rentabilidad del EBITDA se situó en el 24,9% de las ventas. El EBIT (beneficio antes de intereses e impuestos) de Tendam alcanzó los 122 millones de euros durante el ejercicio 2021 recuperando los niveles pre-Covid de 2019 cuando se registraron cotas históricamente altas alcanzando los 122,6 millones de euros.

Destacan en este sentido las iniciativas estratégicas de crecimiento lanzadas durante el ejercicio en el marco del plan Tendam 5.0. Así, las nuevas marcas propias lanzadas en 2021 (Hoss Intropia, Slowlove y High Spirits) registraron EBITDA positivo en su primer año. Con posterioridad al cierre la compañía ha lanzado su novena marca propia (Dash and Stars) y está incubando otras que se lanzarán durante el ejercicio 2022. Por su parte la plataforma digital multimarca del Grupo cerró el año fiscal con EBITDA positivo y más de 100 marcas de terceros que completan la oferta omnicanal de Tendam. Estas nuevas iniciativas estratégicas de crecimiento representaron un 8% del crecimiento del Grupo.

Al cierre del ejercicio la posición de liquidez alcanzó los 347,7 millones de euros frente a los 279,6 millones de euros del 2019 y solo 10,5 millones de euros menos que en el 2020, incluso tras la cancelación adelantada en el cuarto trimestre de 2021 de la totalidad del préstamo ICO por un importe de 132,5 millones de euros. Tendam consolida los más altos niveles de liquidez de la compañía, reduciendo la deuda neta hasta los 373,8 millones de euros (pre NIIF 16) resultando en una mejora muy significativa del ratio de endeudamiento que se sitúa, al cierre del ejercicio 2021 en 2,4 veces EBITDA. 

A finales del año fiscal S&P Global elevó el rating de Tendam a ‘B+’ con perspectiva estable tras valorar la robusta recuperación de la compañía y la reducción de sus niveles de endeudamiento. Posterior al cierre, también Moddy’s revisó al alza la calificación de Tendam hasta otorgarle el ‘B1’ con perspectiva estable reflejando la buena evolución en resultados operativos de la compañía durante 2021 y sus métricas crediticias sustancialmente más sólidas de lo previsto inicialmente, que se han recuperado hasta alcanzar casi los niveles anteriores a la pandemia.

El número de socios de los clubes de fidelización de las marcas de Tendam alcanzó los 30,2 millones, continuando con un crecimiento sostenido. Durante los últimos doce meses se han incorporado al programa de fidelización 2,5 millones de nuevos socios. El porcentaje de ventas en tiendas propias originado por los socios de los Clubes de Fidelización se incrementó en 2,9 p.p. entre marzo de 2021 y febrero de 2022 y representó al cierre del ejercicio un 76,6%.

En 2021 Tendam alcanzó el 30% de prendas más sostenibles y ha adelantado su objetivo del 50% al corto plazo. Durante el año la práctica totalidad de los procesos de acabado del denim de las marcas de Tendam ha sido de bajo consumo en agua con procesos de lavado responsable y técnicas de tratamiento con ozono o láser que minimizan el impacto ambiental en fabricación. 

La compañía ha visto reconocida su estrategia en ESG y cambio climático. Tendam subió del nivel Plata a Oro en la calificación de Ecovadis, situándose entre el 4% de las empresas evaluadas con mejor puntuación. En la iniciativa internacional Carbon Disclosure Project (CDP) Tendam subió al rating A- en clima, por encima de la media del sector retail (B-) y entre el 25% de compañías que han alcanzado el nivel de liderazgo en el sector. 

También, durante el ejercicio se ha aprobado el II Plan de Igualdad de Tendam que detalla los objetivos y sus acciones correspondientes para la igualdad efectiva de oportunidades en todos los ámbitos de la compañía. La brecha salarial de género ajustada se situó en el 0,8% mejorando los resultados de 2020.

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Tendam posts 90% increase in EBITDA to €277.2m in 2021 as sales climb by 43.3%

Tendam’s total revenues for the financial year 2021 were up 43.3% to €1,113.4 million, with consistent growth across all channels and brands. The digital channel, which now accounts for almost 19% of total sales in Spain, grew by 30.4%.

Adjusted EBITDA for the period stood at €277.2m, almost double the EBITDA posted for FY 2020.

The new brands launched in 2021 and the multi-brand, omni-channel platform posted positive EBITDA in their first year of operations, underscoring the profitability of the strategic model.

EBIT for the period stood at €122m, approaching the record high achieved pre-Covid in 2019. 

Gross margin was a healthy 62%, an improvement on the 61.3% registered in 2020 and in line with 2019 figures, successfully absorbing inflationary pressure and supply chain disruptions.

Robust cash generation allowed Tendam to repay its ICO-backed loan early in full, paying down pre-NIIF 16 net debt to €373.8m and slashing its net debt to EBITDA ratio to 2.4x. S&P Global and Moody’s upgraded their ratings to ‘B+’ and ‘B1’ respectively, both with a stable outlook.

The number of loyalty club members increased by 9% to total over 30 million.

The company has already hit 30% more sustainable garments and has brought its 50% target forward to the short term.

This strong performance has allowed Tendam to recover to record-high, pre-pandemic 2019 levels, evidencing the success of the growth initiatives outlined under the Tendam 5.0 transformation plan. 

The company has kicked off its financial year 2022 with an outstanding Q1 performance in both sales and EBITDA. 

Tendam Brands, Tendam’s parent company and one of Europe’s leading omni-channel fashion retailers, has announced today its results for the period from 1 March 2021 through 28 February 2022, corresponding to the company’s 2021-22 financial year. 

Tendam President and CEO Jaume Miquel said: “2021 was an extremely positive year for Tendam. We successfully achieved robust progress in our transformation agenda, building an unparalleled, omni-channel retail ecosystem which is profitable, offers strong growth potential, and fully integrates all of Tendam’s core social and sustainability values. We intend to continue growing the business in 2022 with enhanced profitability and  a more prominent weighting of the digital business, with a 100% omni-channel approach.” 

Tendam’s total revenues for the twelve-month period running from March 2021 to February 2022 were up by an impressive 43.3% year-on-year to stand at €1,113.4 million. On a like-for-like basis, sales were up 22.9% versus 2020 and down just 0.3% versus 2019. Revenues were up across all channels in 2021: in addition to the 30.4% growth posted by the digital channel, sales in directly-operated physical stores were up by 45.9% and the franchise business also put in a robust performance.

All of the Group’s own brands posted year-on-year sales growth of at least 30%. Cortefiel y Pedro del Hierro, which was hit hardest by Covid-19, generated the strongest growth in sales at 55%, and Women’secret also continued to outperform.

Digital sales were up significantly by 30.4% versus 2020 and 95.6% versus 2019. All of Tendam’s online stores continued to enjoy impressive year-on-year growth, particularly CTF (+49%), Fifty (+38%) and Springfield (+27%). At year-end, the digital business represented 18.8% of total sales in Spain.

Jaume Miquel highlighted “the crucial importance of Tendam’s omni-channel model, under which the e-commerce business generated 22% of the Group’s EBITDA over the financial year and the physical store network acts as logistics and sales hub which is seamlessly linked to the digital business.”

Of the 1,805 physical points of sale, 1,200 are directly-operated, affording an extensive, omni-channel network which is seamlessly connected to the digital business and receives over 200 million visitors a year. The Group’s eight websites and apps receive 150 million visitors a year and generate 22% of its total EBITDA.

The company secured a robust gross margin of 62% for the financial year 2021, up 0.7 percentage points versus the 61.3% registered in 2020 and back in line with pre-pandemic levels. Tendam achieved this healthy gross margin thanks to its effective positioning and active management of promotional activity, as well as its capacity to absorb the impact of current inflation levels and supply chain disruptions. 

Adjusted EBITDA totalled €277.2m, almost double the €145.8m achieved in FY 2020. The EBITDA margin stood at 24.9%. Tendam posted EBIT (Earnings before Interest and Taxes) of €122m in financial year 2021, recovering to the region of the pre-Covid, 2019 record high of €122.6m.

The strategic growth initiatives launched over the course of the year through the Tendam 5.0 plan performed particularly well in this area. The new own brands launched in 2021 (Hoss Intropia, Slowlove and High Spirits) posted positive EBITDA in their first year. After year-end 2021, the company launched its ninth own brand (Dash and Stars) and is incubating even more new brands to debut over the course of financial year 2022. The Group’s multi-brand digital platform closed the tax year with positive EBITDA and more than 100 third-party brands to complement Tendam’s own omni-channel portfolio. These new strategic growth initiatives accounted for 8% of the group’s growth.

At the end of the financial year, the Group’s cash position amounted to €347.7m, up from €279.6m in 2019 and down by just €10.5m versus 2020, even after paying off the entire ICO-backed loan of €132.5m ahead of schedule in Q4 2022. Tendam consolidated its higher liquidity levels, paying down net debt to €373.8m (pre-NIIF 16) and generating a substantial improvement in its net debt to EBITDA ratio, which closed FY 2021 at 2.4x. 

At the end of the tax year, S&P Global upgraded Tendam’s rating to B+ with a stable outlook, highlighting the company’s robust recovery and successful efforts to pare down debt levels. After year-end, Moody’s also upgraded its rating for the company, to B1 with a stable outlook, commending its strong 2021 operating results and its substantially better-than-expected credit metrics, which have recovered almost to pre-pandemic levels.

The number of loyalty club members of Tendam’s brands continued to rise steadily to stand at 30.2 million. Over the last twelve months, another 2.5 million members joined the loyalty programme. The percentage of sales in Tendam own brand stores by loyalty club members was up by 2.9 percentage points between March 2021 and February 2022 to total 76.6% at year-end.

In 2021, Tendam achieved the milestone of 30% more sustainable garments and has now brought its 50% target forward to the short term. Over the year, practically all denim finishing procedures by Tendam brands have entailed low water usage, with responsible denim washing processes and ozone or laser technology treatment techniques, which minimise the environmental impact of production. 

The company has been recognised for its ESG and climate change strategy. Ecovadis upgraded Tendam’s classification from Silver to Gold, positioning it among the top 4% of the highest-scoring companies. In the global Carbon Disclosure Project (CDP) Tendam climbed to a rating of A- in climate, outperforming the retail sector average of B-, and is now among the 25% of companies to secure this leadership position in the sector. 

Tendam also approved its 2nd Equality Plan last year, which outlines its core targets and corresponding lines of action to guarantee equal opportunities across every area of the company. The very slim gender salary gap stood at 0.8%, improving on the results for 2020.

Moody’s upgrades Tendam’s rating to B1 with stable outlook

The upgrade reflects Tendam’s good operational performance in 2021 and its substantially stronger credit metrics than initially expected, which have recovered to almost pre-pandemic level

Credit rating agency Moody’s has announced it is upgrading Tendam — one of Europe’s leading omni-channel groups in the speciality fashion sector — to a B1 with a stable outlook.

According to the Moody’s report the upgrade reflects Tendam’s good operational performance in 2021 and its substantially stronger credit metrics than initially expected, which have recovered to almost pre-pandemic levels. Despite our expectations of more difficult trading conditions in the next 12 months owing to the current high inflationary environment and uncertain economic prospects in Europe in relation to the Russia/Ukraine conflict, Tendam will be able to withstand a stress to its cost base and on consumer purchasing power, thanks to its good liquidity and strong credit metrics.

In its report, Moody’s explains that Tendam’s B1 CFR reflects (i) the company’s solid track record of earnings growth and positive free cash flow (FCF) generation; (ii) its strong brand awareness and differentiated market position in the Spanish apparel market; (iii) above-peer EBITDA profitability, underpinned by an efficient supply chain and a successful omnichannel distribution model; and (iv) its good liquidity and balanced financial policy historically.

The stable outlook reflects Moody’s view that Tendam’s sales and earnings will remain broadly stable despite the high inflation environment, supported by cost savings initiatives achieved in 2020-21 and thanks to a growing contribution from the online segment and the company’s new brands. The stable outlook also incorporates Moody’s expectations that Tendam will generate positive FCF and will maintain a good liquidity profile.

Tendam temporarily suspends operations in Russia

Tendam, one of Europe’s leading omnichannel fashion retailers, has announced today that it is temporarily suspending its operations in Russia. The company closed its Ukraine franchises last week. The company has close to 400 employees in Russian.

The decision to temporarily suspend operations will be implemented providing the greatest protection for all employees and partners.

Tendam has been in contact with the Spanish authorities and global NGOs to offer its support in any way necessary, both as a company in its own right and as part of broader initiatives.

S&P Global upgrades Tendam’s rating to B+ with stable outlook

Tendam’s rating is upgraded on the back of its robust recovery and deleveraging.

Credit rating agency S&P has announced it is upgrading Tendam — one of Europe’s leading omni-channel groups in the speciality fashion sector — to a B+ with a stable outlook. 

According to the S&P press release, Tendam’s results for the first nine months of its 2021-22 fiscal year (March through November 2021) showed strong signals of recovery thanks to the robust rebound of the group’s legacy brands and the impact of the Tendam 5.0 transformation strategy, despite volatility caused by the pandemic.  

S&P Global’s rationale for the rating upgrade is based onTendam’s results from the first nine months of FY 2021-22, which demonstrated strong operational performance and a progressive normalisation of sales. Thanks to active cost and working capital management, Tendam was also able to create significant cash flow generation which has made possible the early repayment of a state-backed loan (ICO). All this, together with the recovery of profitability, have driven up its credit rating to a B+, validating the company’s prudent approach to its debt management.

All the group’s brands recovered and contributed to its revenue growth, with portfolio diversification and segmentation and the launch of new brands playing fundamental roles in a volatile environment.

A factor the rating agency considered in its assessment was Tendam’s development of its digital channel which should benefit Tendam’s margins, given that the online channel is typically more profitable than store sales. Online profitability should be further reinforced by Tendam’s proprietary marketplace, which adds visibility to its own brands.

The stable outlook indicates that S&P expects Tendam to continue its solid performance despite macroeconomic uncertainty, and that the fashion company will be able to maintain strong revenue growth thanks to its ability to adapt its business model to the latest trends.