El Corte Ingles' Net Profit Decline 34% In 2011
News: Spain's leading retailer El Corte Ingles' net profit declined 34% year-on-year (y-o-y) to EUR210mn (US$263.3mn) in 2011. The firm's earnings before interest, tax, depreciation, and amortisation dropped 18.8% y-o-y to EUR826mn (US$1035.6mn) in 2011. The retailer's sales declined 3.9% y-o-y to EUR15.78bn (US$19.8bn) during the year, with sales across the retail sector dropping 5.6% y-o-y. The decline has been attributed to a shift towards low-priced products and increased promotions. However, El Corte Ingles has 'maintained' its market share.