The rating agency Axesor Rating has assigned El Corte Inglés a corporate BB + rating with a positive trend based on the positive progress in the execution of its strategic plan.
The rating agency Axesor Rating has reviewed the rating of the El Corte Inglés group, assigning it a corporate BB + rating, raising the prospect from stable to positive.
Axesor believes that the group chaired by Marta Álvarez has a favorable trajectory in its turnover and margins in recent years, which has been favored not only by the economic recovery, but also by measures implemented in recent years in order to improve efficiency Sales amounted to 15,783 million euros during 2018, of which department stores accounted for 74% of total turnover, 11,761 million, 0.3% more than the previous year.
In its last fiscal year, closed last February, El Corte Inglés earned 258.2 million euros, 27.8% more than the previous year thanks to the increase in its margins.
” El Corte Inglés progresses positively after the measures implemented both from the business and financial fields. The deleveraging strategy established has allowed a favourable performance in the last year, which is maintained in 2019, supported by the progress in their strategy of disinvestment of non-strategic assets, ” Axesor’s spokesperson.