SPAIN-based international distribution group Cortefiel, that operates the Women’Secret lingerie chain among others, predicted that it would move back into profit in its fiscal year 2015, which ends in February 2016. On the occasion of his first public appearance since his appointment to the post in summer 2015, CEO Berta Escudero explained that the loss of around EUR 12m recorded in 2014 was largely due to the weakness of the Russian Rouble. He noted that because the impact of such currency fluctuations is now much reduced, earnings prospects are improved appreciably. The CEO also predicted that the proportion of sales generated by the group outside Spain, which is now 36 per cent, will increase faster in the coming years.
The CEO’s prediction means that he number of Women’Secret stores outside Spain will continue rising rapidly in the coming years.