Corte Inglés, El

   El Corte Inglés is a large chain of department stores, with branches in all the major cities, and employing some 37,000 people. Founded in 1940, it is the largest Spanish retail trade company by financial size, and in 1994 made a profit of over 725,000m pesetas. Gross profit in 1995 showed an increase of 4.4 percent over the previous year, but net profit was reduced by 7.8 percent, owing to large-scale investment, including the acquisition of Galerías Preciados. Its sales ranking among European companies was 265 in 1996, representing a small decline from 249 in the previous year. In addition to its main retailing activity, it manufactures, exports and imports ready-made clothing, and has diversified into property construction, travel agencies, and insurance. It also owns the major supermarket chain Hipercor.

   EAMONN RODGERS