Mango profits surge and turnover reaches record high

No comments

Mango has posted a strong full-year performance for 2022, as profits surged and turnover reached a record high for the fashion retailer.

Mango's megastore in Dublin

Mango had 119 net store openings, finishing the year with 2,566 stores.

For the 2022 financial year, Mango’s gross profit increased 26.2% year on year to €103.3m (£91.69m), while net profit increased by 20.9% to reach €81.1m (£71.98m).

Mango also reported EBITDA of €436.6m (£387.52m) for the year, an increase of €14m in comparison to the 2021 full-year figure.

The retailer posted a 20.3% hike in turnover year on year to reach €2.68bn (£2.3bn), which it said was “the highest in the company’s history”.

Mango attributed its successful sales surge to “the recovery of social normality” despite the current “geopolitical and economic situation”.

The company reported strong growth in its physical channel, attributed to 119 net store openings over the year, finishing the year with 2,566 stores.

Despite its success in-store, Mango said its online channel also ”maintained its momentum”.

Mango said its womenswear category “remains the driver of the group’s sales” and it contributed to 82% of total turnover, despite menswear growing 30% and childrenswear increasing by 18%.

Mango chief executive Toni Ruiz said: “We have closed what is probably one of Mango’s best years, overcoming complex market circumstances and committing to strong investments with a future vision and ambition”.

“At Mango, we have consolidated ourselves as one of Europe’s leading fashion groups. We have demonstrated the validity and robustness of our business model based on a unique ecosystem of channels and partners.

“In the last few years, we have recovered our essence, with unique design as a starting point and innovation as a core value in all the departments of the company.”