Tendam posts Q1 like-for-like sales growth of 6 percent

In the first quarter, Tendam posted total revenue of 253.8 million euros, up by 4.6 percent year-on-year. Like-for-like revenue increased by 6 percent versus the first quarter of FY2023.

Recurring EBITDA for the quarter was 57.1 million euros, up by 10 percent.

Commenting on the trading results, Jaume Miquel, chairman of the board of directors and CEO at Tendam, said in a statement: “After fourteen consecutive quarters of positive like-for-like revenue growth, we firmly believe that we have built a unique and successful model with strong operational and financial resilience, delivering sustainable, profitable growth.”

The company reported revenue growth of 7.9 percent in the period June and July, achieving year-to-date (YTD) revenue of 550.2 million euros, up 6.4 percent. Like-for-like revenue growth was 8.1 percent for the period June and July, resulting in 7.1 percent like-for-like revenue growth year-to-date.

Gross margin of 64.3 percent improved 0.3 p.p. Recurring EBITDA grew 7.3 percent in June and July and 8.5 percent YTD, resulting in a recurring EBITDA margin of 26.5 percent YTD, up 0.5 p.p.

Between March and July 2024, Tendam opened 14 new directly operated stores. Tendam’s online revenue was 77.7 million euros in the March-July period, up by 13 percent over the same period of 2023.

For the second quarter, Tendam expects a total revenue growth of between 8 percent and 8.3 percent and like-for-like revenue growth of between 8 percent and 8.2 percent, recurring EBITDA is expected to grow between 5.6 percent and 5.9 percent.

For the first half of fiscal year, the company projects a total revenue growth of between 6.7 percent and 6.9 percent and like-for-like revenue growth of between 7.1 percent and 7.3 percent, while recurring EBITDA growth is expected to be between 7 percent and 7.4 percent.