Spanish retail giant El Corte Inglés has announced a 18 per cent drop in profit in 2012, with its revenues declining 8 per cent. Revenue at the chain stood at €14.5 billion, with profit at €171 million.
The group's performance is seen as a bellwether for the current health of the Spanish economy, which recently saw unemployment rise to 26 per cent.
El Corte Inglés recently announced that it had reached a deal to refinance approximately three-quarters of its debt, estimated at €5 billion. It has been accused of being slow to adopt price cutting strategies in its stores, which has seen it lose ground to rivals such as Mercadona.
© 2013 - Checkout Magazine by Stephen Wynne-Jones