El Corte Inglés: Gaining, But Long-Term Growth Uncertain

摘要

El Corte Inglés achieved rising profits and revenue inrnFY2015/16 boosted by a tourism boom, reduced debt burden andrnrising consumer confidence. However, we believe the group willrncontinue to face headwinds in its recovery as Spain's retail marketrnincreasingly moves into discount, fast-fashion and online territories.