El Corte Inglés had a pre-tax profit of 38 million euros in Portugal in 2018. This represents 7.6% of the group’s 496 million in all markets, the overwhelming majority in the neighbouring country. The data, collected by Cinco Días, do not include consolidation adjustments.
The Spanish company paid 13 million euros in income tax to the Portuguese tax authorities and employed in Portugal last December 3,369 workers in ten outlets in the northern regions to the centre of the country, starting in Braga and ending in Lisbon.
El Corte Inglés entered Portugal in 2001 and guarantees that since then it has “maintained a permanent strategy of innovation and adaptation to the market”, according to the 2018 annual report, quoted by the same Spanish newspaper. The Spanish group also guarantees that 67% of the Portuguese have an El Corte Inglés outlet 40 minutes from home.