El Corte Inglés names Cristina Álvarez its new chairperson

El Corte Inglés announces changes to its chairmanship. On the recommendation of Marta Álvarez, the board of directors of the Spanish department store group has unanimously approved the appointment of Cristina Álvarez as non-executive chair of the company. The handover between the sisters will take effect on January 15, 2026.

This change takes place “within an orderly, stable, and continuous framework,” the Spanish retail giant stressed. During the board meeting, Cristina Álvarez thanked her sister for the “magnificent work” she had done over the past six years, and said she would perform her duties “with humility, always defending the interests of the shareholders, employees, and customers of this great company.”

Marta Álvarez, who was re-elected to the position last July for (in theory) the next five years, explained in a letter to shareholders: “Now, with a new management team ready to achieve the objectives set out in the 2025-2030 Strategic Plan, I believe, and I have proposed this to the board, that the time has come to open a new stage in the chairmanship with my sister Cristina at the helm.”

“With the efforts of all of us, we have achieved great results, which have allowed the company to face the future with confidence, always with the customer at the centre, and relying on the daily work of all the people who make up our company,” said Marta Álvarez, who will continue as a member of the board and its monitoring committee, as well as in the strategic management of own brands, fashion, and home.

“Cristina has my full support from the board and the monitoring committee to continue working for this company, to which I have dedicated practically my entire professional life,” she concluded.

Revenues of 8.212 billion euros in the first half of the year

In parallel with the change in the chairmanship, the Spanish department store group has released its results for the first half of fiscal year 2025-2026, the period from March 1 to August 31. Over these two quarters, the company achieved an overall revenue total of 8,212 million euros. On a like-for-like basis, turnover increased by 1.6% year on year to 7,032 million euros.

EBITDA for the period reached 539 million euros, an increase of 3.8% compared with the same period of the previous year, thanks to an improvement in margin, in line with the trend of recent years, according to the group.

“Net profit grew by double digits (up 10.3%) to 224 million euros, while recurring net profit rose by 13.8%, to 192 million euros. This positive evolution responds to the company’s objective of deepening management improvements, optimising resources and, therefore, achieving greater efficiency and profitability,” the company adds.

By business area, retail recorded an overall revenue volume of 5,908 million euros and turnover of 5,655 million euros, which increased by 1.2% on a like-for-like basis (LFL). “In line with the group’s priority of profitable growth, fashion and beauty performed well, especially in own brand. Sales from third-party brands, both domestic and international, also delivered positive growth,” the conglomerate emphasises.

In Viajes El Corte Inglés, the overall volume of revenues reached 2,049 million euros, with turnover of 1,262 million, a 3.3% increase over the previous year. The financial businesses are consolidating their positions in their respective sectors of activity: Seguros El Corte Inglés grew revenue by 11.1%, to 153 million euros, with a net profit of 43 million, i.e. 22.9% more than in the previous year. Financiera El Corte Inglés recorded an increase in revenue of 5.7% to 95 million euros, with a net profit of 30 million, which is 21.9% more than in the previous year.

“The strength of El Corte Inglés is also reflected in the decrease in net financial debt, which stands at 1,738 million euros, equivalent to 1.4 times EBITDA,” says the group, which details that, in absolute terms, the debt has been reduced by 195 million euros since August 2024. “The solidity of the balance sheet, as well as the generation of cash flows, allows the group to make progress in reducing debt while significantly increasing its investments in the different growth areas of the company… The commercial campaigns launched this autumn and the careful product selection carried out suggest a strong Black Friday and Christmas campaign.”