MADRID, June 6 Reuters Spanish fashion retailer Tendam reported on Thursday a 10 rise in core earnings for its 2023 financial year and forecast lower to steady firstquarter growth as the company mulls an initial public offering.

The owner of Women39;s Secret, Cortefiel and Springfield chains said its recurring earnings before interest, taxes, depreciation and amortisation EBITDA reached 313.3 million euros 340.8 million between March 2023 and February 2024.

Spain39;s thirdlargest fashion group after Zara owner Inditex and Mango said its revenues rose 6.5 to 1.29 billion euros, marking a slowdown from 2022, when most fashion retailers were still benefiting from a postpandemic shopping spree.

Still, its gross margin rose by 1.2 percentage points to 62.5 in 2023.

Tendam said in a statement that based on preliminary data in the March to May period, likeforlike revenue grew by 6 from a year ago, while recurring EBITDA rose between 8.5 and 10.4.

CEO Jaume Miquel said the fiscal year 2024 has started very well, keeping Tendam excited about the growth opportunities ahead.

Miquel told Reuters last month the Spanish IPO market seemed to be opening up following beauty group Puig39;s market debut in May, Spain39;s largest IPO in almost a decade, after which Puig39;s share price rose about 6 in the first month of trading.

With a view to stepping up this growth, the company continues evaluating potential strategic alternatives, including the possibility of an initial public…