Tendam posts loss, revenues slide 34.5 percent

Tendam Brands, Tendam’s parent company said that because of the temporary closures, restrictions on movement and limited occupancy numbers that affected most of the markets where Tendam operates, for the year to February 28, 2021, revenues fell by 34.5 percent to 777.2 million euros. The company posted a 17.7 percent dip in a like-for-like comparison.

Tendam’s digital sales climbed by 58.9 percent to 121.7 million euros and this channel now accounts for more than 20 percent of the group’s total sales in Spain. Adjusted EBITDA for the year was positive at 145.8 million euros, while the company posted a net loss of 109.5 million euros for the year.

“I am pleased with how Tendam was able to step up and overcome this particularly difficult year. Despite the negative impact on sales, the company reached record levels of liquidity, demonstrated its commitment to socially responsible conduct and made significant strides in sustainability and digitalisation,” said Jaume Miquel, Tendam’s chairman and CEO.

The company added that Tendam has doubled down on its business model — based on a global omnichannel ecosystem — during a decisive year for its strategic transformation and the future of the group. The company also launched new own brands Hoss Intropia, Slowlove and High Spirits and consolidated its multi-brand digital platform, which now offers 25 third-party brands.