Tendam posts revenue growth

Tendam Brands reported total sales in the third quarter stood at 263.2 million euros, up 1.7 percent and 2.7 percent, respectively compared to the same period in 2021 and 2019.

Tendam's total revenues increased by 8.6 percent to 840.7 million euros in the first nine months of the year. Like-for-like sales were up by 10 percent versus 2021 and 9.1 percent versus 2019.

Commenting on the company’s trading performance, 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.”

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

The company said in a release that gross margin remained above 63 percent for the first nine months, adjusted EBITDA stood at 192.5 million euros, down 1.2 percent versus 2021. On a like for like basis, adjusted EBITDA was 101.4 million euros, above 2019 levels.

Commenting on the outlook, Miquel added saying: "The outlook for the fourth quarter of our financial year is very positive with double-digit like-for-like sales growth across all channels.”