Tendam reports 18.6 percent increase in Q1 revenue

Spanish fashion group Tendam has reported robust sales in the first quarter of the year, comfortably surpassing pre-Covid levels.

In the three months to March 1, revenue came in at 234.8 million euros, up 18.6 percent from a year ago and up 7.3 percent from the first quarter of 2019.

On a like-for-like basis, sales were up 16.9 percent from a year ago and up 11.3 percent from two years ago.

The group reported growth across all channels, with digital sales up 19 percent year-over-year and up 127 percent year-over-two-years.

Tendam also saw sales growth across all its brands, with Springfield and Cortefiel/Pedro del Hierro its standout performers, up 24.3 percent and 19.4 percent year-over-year, respectively.

Other brands in the group’s portfolio include Women’secret, Fifty brands, and Hoss Intropia.

Adjusted EBITDA widens

The group also announced plans to launch another own brand in September, its fifth in the last twelve months.

Tendam president and CEO Jaume Miquel told investors: “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.”

Adjusted EBITDA for the first quarter came in at 47.3 million euros, up 16.8 percent from a year ago and “significantly outperforming” pre-Covid levels.

Miquel continued: “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.”