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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.

Tendam posts positive adjusted EBITDA for second quarter running

Adjusted EBITDA for the third quarter of the financial year 2020/21 stood at €35.6m (€3.5m pre-IFRS 16).

The 16.7% drop in like-for-like sales and 23.1% drop in total sales clearly reflected the restrictions implemented to tackle the second wave of Covid-19, particularly in November. 

Online sales were up 79% year-on-year, accounting for 20% of sales in Spain both in Q3 and year to date. 

Key management indicators such as inventory, expenses and cash generation performed well, in line with the company’s forecasts, demonstrating Tendam’s capacity to weather the crisis.

Tendam’s loyalty club member numbers continued to grow at a healthy pace of 7%, to stand at 27.2 million.

Tendam Brands, the parent company of Tendam, one of Europe’s leading omni-channel retailers in the specialist fashion sector, has today announced its results for the period from 1 September until 30 November 2020, which corresponds to the third quarter of its 2020/2021 financial year. 

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 Q3 stood at €197.2m, down 23.1% year-on-year; like-for-like sales were down 16.7%. 

Online sales continued to climb during the period with a solid 79% increase. The online channel now accounts for 20% of the Group’s total sales in Spain, bringing the company consistently closer to its goal of tripling its digital business over the next three years.

Tendam Chairman and CEO, Jaume Miquel, said: “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. Our ecosystem is rooted in digitalisation, the strength of our loyalty programmes and a flexible network of shops within arm’s reach of our customers.” 

Third quarter 2020/2021 adjusted EBITDA was positive for the second quarter running at €35.6 million (EUR 3.5 million, pre-IFRS16). Between September and November, Tendam posted a negative pre-tax result of €-19.7 million (€-17.9, pre IFRS16).

Against a tougher-than-expected backdrop due to the second wave of the pandemic, Tendam was able to increase its free cash flow by €30.8 million, thanks to improved working capital driven by stock reduction (-15.4%), lower costs (-14.2%) and lower CAPEX investment, prioritising investments associated with the digital strategy. In addition, as of 30 November net debt was down to €494.2 million from €524 million in August 2020.

Tendam Chairman and CEO, Jaume Miquel, commented: “I am very satisfied with the work of all our teams. Despite the negative impact the second wave had on sales, inventory and cost reductions put us in a position to create positive EBIDTA for the second consecutive quarter, increase our cash generation and reduce debt, demonstrating the company’s successful operating capacity.”

Even with restrictions on movement in place, membership of Tendam’s loyalty programmes continued to see significant growth, reaching 27.2 million members as of 30 November (+1.8 million members in the last twelve months). Of the total sales in Tendam’s directly-operated stores, loyalty programme members accounted for 73.9%, including the recently launched loyalty club for the Fifty brand.

With regard to Tendam’s sustainability commitments, the company was awarded a score of “B” from the Carbon Disclosure Project (CDP), recognising its position as a transparent company with ambitious global goals reflected by its climate change strategy and policies.

Tendam receives Silver Medal in CSR from EcoVadis

This silver rating positions the fashion company among the top 25% of companies assessed by the sustainability rating agency

Tendam is recognized for its efforts in 4 aspects of ESG criteria: Environment, labour practices and human rights, ethics and sustainable procurement

Tendam, one of Europe’s leading fashion retailers operating in the specialised chain segment, which encompasses the Cortefiel, Pedro del Hierro, Springfield, Women’s Secret, Hoss Intropia and Fifty brands, has received a silver medal from EcoVadis, the world’s most trusted supplier of sustainability ratings and intelligence and collaborative tools that help businesses improve their sustainability performance. This recognition positions the Spanish fashion company among the 25% most advanced companies worldwide in corporate social responsibility (CSR).

EcoVadis rates organisations’ CSR performance according to sustainability criteria in four ESG (environmental, sustainability and governance) areas: the environment, labour practices and human rights, ethics, and sustainable procurement. Scores vary on a scale from zero to one hundred. By fulfilling the requirements to qualify for the EcoVadis silver medal, Tendam underscores its commitment to its customers and employees alike to add sustainable value to society as a whole.

Ignacio Sierra, Tendam’s Corporate General Manager, commented: “This rating recognises the efforts made by our company; a company where sustainability and ethics are completely ingrained in the business and cut across the entire organisation. Our transparency is also a guarantee of our adherence to best practices”.

Tendam is constantly optimising its processes in order to reduce its environmental impact. Its strategy focuses on the use of natural materials in production, reducing emissions, the use of renewable energy and minimising water usage and waste. This strategy is embodied by significant social action through projects such as Involucrados (Involved) or Cosas que sí importan (Things that matter), or the R[ECO]NSIDER strategy, which is spearheaded by Springfield and drives concrete process changes impacting everything from the design of the clothes themselves to how they are displayed in shops. To further its ESG commitment, each year the fashion company compiles information about its environmental initiatives, social value creation, corporate governance best practices and other CSR-related information in its Sustainability Report, which is published on the corporate website.