El Corte Inglés registers historical losses of 2,945 million due to the pandemic

The English Court has closed 2020 with net losses of 445 million, compared to the profit of 308 million the previous year. The red numbers amount to 2,945 million if the provision of 2,500 million is taken into account to cover impairments of fixed assets, inventories and tax credits.

“Most of these provisions derive from an asset upgrade as a consequence of the transformation towards a more digital business model,” the group says in a note. The turnover was 10,432 million euros. This result “is mainly due to the cessation of a large part of its activity during the confinement and the subsequent closures that occurred in the autonomous communities, as well as the total absence of tourism”, both nationally and internationally.

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