Mavi, a Turkey-based jeans and apparel brand, reported 40 per cent revenues decline to TL 387.1 million (Turkish lira) in its first quarter (Q1) FY20, ended on April 30, 2020, compared to TL 648.4 million in same period last year. Company incurred a net loss of TL 52 million during the quarter. However, Mavi’s e-commerce sales in Q1 FY20 rose 41 per cent.
Mavi, a Turkey-based jeans and apparel brand, reported 40 per cent revenues decline to TL 387.1 million (Turkish lira) in its first quarter (Q1) FY20, ended on April 30, 2020, compared to TL 648.4 million in same period last year. Company incurred a net loss of TL 52 million during the quarter. However, Mavi's e-commerce sales in Q1 FY20 rose 41 per cent.#
“Thanks to our own channels, along with diversified and expanding marketplace partnerships, our online orders grew 5.5 times since May. We will continue to drive Mavi to the future with a strong digitalisation and CRM infrastructure,” Cüneyt Yavuz, chief executive officer, Mavi, said in a press release.
Mavi, a Turkey-based jeans and apparel brand, reported 40 per cent revenues decline to TL 387.1 million (Turkish lira) in its first quarter (Q1) FY20, ended on April 30, 2020, compared to TL 648.4 million in same period last year. Company incurred a net loss of TL 52 million during the quarter. However, Mavi's e-commerce sales in Q1 FY20 rose 41 per cent.#
Gross profit for Mavi during the quarter fell 43 per cent to TL 175.8 million (TL 307.0 million). Company registered an operating loss of TL 48.6 million compared to operating profit of TL 71.8 million. EBITDA (earnings before interest, taxes, depreciation, and amortisation) for the quarter posted a loss of TL 26.6 million.
Mavi, a Turkey-based jeans and apparel brand, reported 40 per cent revenues decline to TL 387.1 million (Turkish lira) in its first quarter (Q1) FY20, ended on April 30, 2020, compared to TL 648.4 million in same period last year. Company incurred a net loss of TL 52 million during the quarter. However, Mavi's e-commerce sales in Q1 FY20 rose 41 per cent.#
For the first quarter sales of denim products were down 49 per cent to TL 92 million (TL 180 million). While in the lifestyle products sales of knits slipped to TL 36 million (TL 70 million), shirts decreased 51 per cent to TL 26 million (TL 53 million) and jackets dropped 30 per cent to TL 16 million (TL 23 million).
Mavi, a Turkey-based jeans and apparel brand, reported 40 per cent revenues decline to TL 387.1 million (Turkish lira) in its first quarter (Q1) FY20, ended on April 30, 2020, compared to TL 648.4 million in same period last year. Company incurred a net loss of TL 52 million during the quarter. However, Mavi's e-commerce sales in Q1 FY20 rose 41 per cent.#
“We are confident that Mavi’s prudent risk management and low indebtedness policy, as well as flexible inventory planning and timeless products, with jeans accounting for more than 50 per cent, will allow us to address the negative impact of this period more efficiently. Having a product range of basic and seasonless products as well as denim, enables us to manage 70 per cent of our inventory without the limitations of a single season,” Yavuz said.
Fibre2Fashion News Desk (JL)
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