He online business of tendam has continued to rise after increase its profitability by 4.1% in the first quarter of its fiscal year, the period between March 1 and May 31, 2023, as reported by the group. This increase is due to increase in the number of third-party brands on the multi-brand platformwhich has gone from 90 to 150 in the last 12 months, with a increase in its interannual online sales figure of 75.5%, contributing 18.1% to the group’s quarterly net growth; he growth of the ‘click-shopping’ format, which represents 31.5% of online sales versus 24.1% in the first quarter of 2022; and the reduction of the impact of logistics costs driven by a low and stable return rate of 27.9%.
For its part, the group has raised a 17.7% of its gross operating result (Ebitda), up to 51.9 million euros, 17.7% more than in the comparable quarter of the previous year and 16.3% higher than the levels registered in 2019, before the pandemic. The total sales of the group have reached 243.2 million euroswhich is 3.6% more, while on a comparable area they have risen 4.1% compared to the same period in 2022 and 11.1% compared to 2019.
tendam has specified that despite the consumption situation, especially affected by the rise in interest rates, it has maintained a commercial value proposition and has improved «significantly» their profit margins.
In this way, your gross margin it has improved notably during the first quarter to stand at 68.2% (+2.3 pp compared to the same period of the previous year and above pre-pandemic levels). The owner of Cortefiel and Pedro del Hierro has explained that the correct management of operations and the positioning of its brands in the ‘premium mass market’ segmenttogether with the downward trend in inflationary pressures, especially in international transport costs, have been the main factors that have contributed to the growth of the gross margin, which easily exceeds the average for the sector.
Tendam Strategy 5.0
Likewise, the Tendam 5.0 strategy continues to advance and already operates as a unique open ecosystem that effectively leverages traffic from almost 400 million customers, 11 own brands, more than 150 third-party brands and the full integration of the digital and physical businesses, both from the logistics and sales point of view. The new initiatives of this strategy already represents 44.6% of net growth registered in the quarter and represent 5.1% of sales of the group.
At the end of the first quarter of the year, Tendam had a network of 1,804 stores. The self-managed ones have continued to increase their traffic steadily and have grown in sales by 4.8% on a comparable surface area. In addition, between March and May, the company has increased its network with five net openings of its own stores and six of franchises. In the last twelve months, the franchise network added 47 net openings.
On the other hand, tendam has highlighted that the number of members of loyalty clubs and its associated sales continue to grow «constantly» quarter by quarter. Thus, as of May 31, 2023, Tendam had 33.3 million members in its loyalty clubs (2.5 million new members in the last twelve months, representing an increase of +8.2%). Regarding your commitment to sustainability«Tendam continues to consistently advance its strategy and exceed the objectives defined in the Sustainability Plan“, they have assured. At the end of the first quarter, 46% of the product contained sustainability and emissions have been reduced by 16% compared to the base year 2019 despite the impact of the energy crisis and the war in Ukraine.
Jaume Miquel, President and CEO of Tendamhas welcomed the results obtained by the group in the current economic context: «The first quarter of our fiscal year 2023 has been excellent. All the brands, formats and channels have registered a positive behavior and contributed to the profitability of the business in an outstanding way”. In this sense, Michael has highlighted the «performance» of the initiatives implemented within the Tendam 5.0 strategy which, after contributing almost 45% of the net growth for the quarter, «in a very short time they have been confirmed as differential levers«.
“Despite the uncertainties in the macro scenario, we maintain our positive forecasts and our objective of posting sustained growth while preserving Tendam’s satisfactory levels of profitability”has underlined the Group CEOwho has advanced that, during the second quarter, “Sales are experiencing accelerated growth with consistent improvement in margins, with which We hope to close an excellent first semester The exercise«.