Turkish brand Mavi reports 130% revenue growth in Feb-Oct 2022

Mavi completed the first nine months of its fiscal year with TL 1.86 billion EBITDA, capturing an EBITDA margin of 25.4 per cent. The company continued to generate cash from its operations, increasing its net cash position to TL 1.134 billion.

In the third quarter of FY22, Mavi’s retail revenues grew by 143 per cent, with 140 per cent like-for-like (LFL) growth in store sales. In a high inflationary environment, besides the increase in basket size, 17 per cent volume growth, increase in foot traffic, and new customer acquisition were key in driving the company’s performance.

The company, currently operating with 459 stores and nearly 4,500 doors worldwide, recorded 86 per cent growth in global e-commerce while e-commerce accounted for 10 per cent of total sales in the first nine months of FY22.

Mavi anticipates that it will exceed the target of acquiring 1 million new customers every year.

“We are very pleased with the growth in our consolidated revenues, EBITDA, and net profit as of the end of the third quarter. Following our performance in the first half, we revised our year-end 2022 guidance upwards to 120 per cent in consolidated revenue growth. The latest figures are a strong indication that we will achieve this target. As a leading global jeans brand, Mavi is a company with good management, a strong foundation, and a robust financial structure,” said Mavi CEO Cüneyt Yavuz.

Fibre2Fashion News Desk (DP)