SPAIN: Mango full-year profit and sales grow 9%
- FY profit up 9% to EUR120.5m
- Turnover rises 9% to EUR1.85bn
- Helped by expanded retail space
Mango's net profit and turnover increased 9% last year
Spanish fashion retailer Mango has reported an increase in both annual profit and sales, thanks to the expansion of its retail space.
Net profit rose 9% to EUR120.5m (US$165.2) during the year, and turnover increased 9% to EUR1.85bn. Turnover for online sales jumped 77% to EUR124m.
Last year, the company created an additional 50,000sq m of selling space, closing the year with 600,000sq m worldwide, a figure it plans to increase by 123,000sq m this year to reach 723,000sq m.
Mango also continued with its expansion in Europe, which remains its main market, having opened a 'megastore' concept - stores with a selling space of between 800-3,000sq m stocking most lines.
The brand, which is already available online in 64 countries, plans to expand this into Australia and several Central and South American countries this year.
The group expects to invest EUR300m in new store openings, store refurbishments, logistics systems and IT systems this year.
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