Tendam's H1 like-fo-like sales increase by 13 percent

Tendam Brands first half revenues stood at 577.4 million euros, up 12.1 percent year on year. On a like-for-like basis, the company said, sales were up by 13 percent versus 2021 and 8.9 percent versus 2019.

Despite the global backdrop, the company added, like-for-like sales in the second quarter climbed 10.4 percent versus 2021 and 6.2 percent versus 2019.

Commenting on the company’s performance, Tendam president and CEO Jaume Miquel said: “We closed the first half of the financial year with robust business growth driven by outstanding performances across all brands and channels. Tendam is better positioned than ever operationally, financially and in terms of its business model to weather the current uncertain conditions, as evidenced by these strong results and the company's new debt structure.”

Tendam's all group brands posted an increase in total sales of more than 10 percent versus the first half of 2021 and the digital business posted growth of 16.6 percent versus 2021 and 117.2 percent versus 2019. Digital sales now account for 17.2 percent of all sales in Spain.

Gross margin was 62.3 percent, adjusted EBITDA for the period totalled 139.6 million euros, climbing 6.2 percent versus H1 2021. From March to August, Tendam's earnings before tax grew by over 34 percent to 36.8 million euros.