Tendam on a roll: double-digit growth in sales and profits in the 'best first half in its history'

Madrid – Building on our latest analysis of the Spanish fashion multinational, Tendam reported its results for the first half of its 2026 financial year on Monday. The company appears to be moving away from its aggressive commercial policy based on a discounted pricing model. The six-month period, from March 1 to August 31, saw the owner of Cortefiel, Springfield and Women'secret close with a solid performance, showing double-digit growth in sales and profit.

According to information provided by the management of the Spanish fashion multinational, Tendam closed the first half of its current fiscal year with total sales of 744.9 million euros. This figure represents an increase of +10.7 percent compared to the turnover recorded during the same period a year ago. The rate is slightly higher than the +10.4 percent reported in mid-June at the close of the first quarter of the year. On a like-for-like basis, this would be reduced to +7.6 percent.

In terms of profitability, the company's gross margin increased by 2 percentage points compared to the first half of 2025, reaching 63.4 percent of sales. This resulted in an EBITDA that grew to 190.2 million euros, a +12.2 percent increase, and above the +11.9 percent growth recorded during the first quarter. Net profit reached 59.3 million euros at the close of the first six months of the financial year. This amount represents an increase of +27.9 percent compared to the same period a year ago, a double-digit increase that exceeds the +26 percent recorded at the close of the 2025 financial year.

“In May of this year we announced a robust start to the season, which has been maintained throughout the first half of the 2026 financial year,” highlights Jaume Miquel, chairman and chief executive officer of Tendam, in a statement shared by the management of the Spanish fashion multinational. “The half-year results, with double-digit growth in sales, profitability, and well above the market, demonstrate the strength of Tendam's differential model,” he argues. Miquel also stresses that “growth continues in line with, or above, the company's plan,” supported by its opening and expansion policies for its new commercial formats and its strategies to capitalise on the potential of “Artificial Intelligence, especially in demand management and margin optimisation.” These levers have led the company to record “the best first half in its history” at the start of 2026, its management emphasises.

With 60 net openings in the first half of the year

Delving into the company's performance during the first half of the year by sales channel, Tendam highlights its outstanding performance in the digital channel. Although the total weight of this channel in the company's turnover is not specified, it is noted that sales have recorded a more than notable growth, above the overall revenue rate, after registering a growth of +20.7 percent.

In any case, as shown by the substantial difference between recorded sales and like-for-like sales, the company's growth in such a challenging context is being driven by its well-studied, measured and ambitious growth and expansion strategy. A roadmap that includes the opening of up to 100 new points of sale in 2026 alone, and with which the company has managed to add 60 net openings during this first half of the financial year. This addition of new points of sale has allowed Tendam to expand its commercial network by 5 percent in just six months.

As a basis for this growth, the Spanish company has continued to expand the commercial networks of its main fashion chains: Cortefiel; Pedro del Hierro; Springfield; and Women'secret. It opened 32 points of sale during the half-year, mainly in the markets of Mexico, Portugal and Spain, with 16 of these being new stores for Women'secret, the group's lingerie chain. Meanwhile, progress has been made in Tendam's strategic commitment to providing its 'smaller' chains with an increasingly representative own-brand retail network, with the opening of the remaining 28 stores. These openings were led by brands such as Springfield Kids, which now has 15 standalone stores in Spain after starting to operate independently at the beginning of 2026. Slowlove now has nine of its own stores after adding eight net openings during this half-year. OOTO began operating independently during this first half of 2026 and currently has a total of seven of its own points of sale.

More stores and more value for the second half of 2026

Looking ahead to the remainder of the financial year, Tendam has not offered any forecast on its expected performance during the second half of 2026. For this period, the Spanish company has stated that despite the current environment marked by geopolitical and macroeconomic tensions, it will remain focused on executing its growth roadmap. This involves advancing its “ambitious expansion plan” with new store openings and new formats; strengthening its digital and technological capabilities; and integrating artificial intelligence (AI) throughout its value chain.

“Despite an unstable external context,” acknowledges Miquel, “we remain faithful to the roadmap” drawn up by the company. Tendam will continue to execute this master plan, “with the ambition of continuing to grow steadily above the market.”