The Spanish clothing supplier Mango has once again set new sales and earnings records in the 2023 financial year. In addition to the current results, the company also presented its medium-term growth concept on Monday.
The goal is to increase annual sales to over four billion euros by 2026. Sales growth in the existing stores and online business, as well as around 500 additional stores, as already announced, should contribute to this. New openings are planned particularly in the company’s “strategic markets,” explained Mango. These include Spain, France, Italy, Germany, Great Britain, Poland, India, Canada and the USA.
Last year, Mango more than doubled its net profit
In the last financial year, the clothing supplier achieved sales of 3.10 billion euros. This corresponded to an increase of 15 percent compared to the previous year. Adjusted for exchange rate changes, revenue grew by twenty percent. The area expansion contributed to the significant increase: Over the course of the year, Mango expanded its branch network by more than 130 locations and thus had almost 2,700 stores at the end of December.
A milestone was also passed in e-commerce. According to the company, online sales exceeded one billion euros for the first time. Its share of total sales was 33 percent.
Profit also reached a new record level. Earnings before interest, taxes, depreciation and amortization (EBITDA) grew by 22 percent to 533.4 million euros. At 172.1 million euros, the net profit was more than twice as high as in the previous year, when it was 81.1 million euros.