Spanish retailer Tendam eyes IPO after strong earnings

Spanish fashion retailer Tendam reported on Thursday a 10 per cent  increase in core earnings during its 2023 financial year, Reuters reported.

The company, which owns the Women’s Secret, Cortefiel, and Springfield chains, reported recurring earnings before interest, taxes, depreciation, and amortisation (EBITDA) of €313.3 million ($340.8 million) between March 2023 and February 2024.

Despite a slowdown in 2022, Tendam’s revenues rose by 6.5 per cent to €1.29 billion. The company’s gross margin also improved to 62.5 per cent in 2023.

Tendam is evaluating strategic alternatives, including a potential initial public offering (IPO) on a regulated market. Its equity value could reach €2.2 billion to €2.7 billion. Sales are expected to increase by at least 5 per cent this year.