May 21, 2024

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Adolfo Domínguez returns to profit after seven years after improving his sales by 24% |  comp

Adolfo Domínguez returns to profit after seven years after improving his sales by 24% | comp

Adriana Dominguez, CEO, and Antonio Puente, General Manager of Adolfo Dominguez.

Adolfo Dominguez is seeing the light again after a long tunnel of losses it’s been through since, in 2015, it posted its last consolidated net profit. The Galician fashion company closed the 2022 financial year, which ended on February 28, with a profit of €158,000, ending its negative streak.

It is also doing so thanks to a marked improvement in its operating profitability. The profit in 2015, amounting to eight million euros, was marked by the extraordinary income generated by the sale of two stores located on Paseo de Gracia in Barcelona and Paseo de Habana in Madrid. In this case, its annual profit, driven by interest, tax and depreciation, is 13.3 million euros, compared to 400,000 euros for the 2021 financial year. It is also the best data since 2009. It also boosted its sales, which grew by 24% to 114, 2 million euros, Up 24% from the previous year, and nearly equaling pre-pandemic figures. So yes, Adolfo Domínguez had 51 other stores.

“We finished a good year, we’re back in profit and we’re growing at a good rate of sales in Spain, internationally and online,” explains Antonio Puente, CEO of the company, in a press release. And the gross margin, the profitability you get for each garment that measures it, was 56.8%, another seven-tenths.

The international business continues to grow at a good pace. Sales outside Europe, with Mexico and Japan as the main markets, improved by 30.6%, while in Europe it did so by 21.7%. As shown in the financial report filed with CNMV, sales in Spain amounted to 91 million, 24% more, accounting for 80% of group sales. The biggest growth was in America, with the Mexican market being the main exponent, with revenue up 37% to $21.8 million.

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And according to what Adolfo Domínguez reported, over the past year 27 new establishments have opened, two-thirds of them outside Spain, although the balance for the year is nine net closures, ending with 339 establishments, compared to 348 in the previous year. 57% of its physical network is already outside the home market, although this still represents the majority in revenue. The company ended its fiscal year with a staff of 957 professionals.

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