- Prachi Singh |
For the third quarter, Mavi said in a statement that compared to the same period last year, consolidated revenue increased by 39 percent to 1,350 million Turkish lira (349 million dollars), while EBITDA grew by 54 percent to 208 million Turkish lira (54 million dollars), with an EBITDA margin of 15.4 percent. Net income for the period grew by 60 percent to 84 million Turkish lira (22 million dollars).
Commenting on the company’s strong results, Cuneyt Yavuz, Chief Executive Officer of Mavi, said in the statement: “Mavi has continued its remarkable growth momentum, based on our data-driven strategy of matching every customer with the right product at the right price. We remain on track with our retail expansion plans, both in Turkey and internationally, and are confident we will maintain this strong performance for the remainder of the fiscal year.”
Mavi posts 32 percent sales rise in Turkey
The company’s ecommerce revenue for the period under review increased 85 percent, while retail revenue in Turkey grew 32 percent to 831 million Turkish lira (215 million dollars), with a 22.4 percent increase in like-for-like revenue.
The company witnessed strong revenue growth across all categories with the denim segment posting 32 percent sales rise, shirts, 40 percent, knits, 25 percent, jackets, 55 percent and accessories, over 36 percent. While loyalty card programme reached 6.3 million members, the company said, 1 million new customers were acquired during the period.
During the first nine months, Mavi opened 21 new stores in Turkey and four in Russia, and is now operates 417 mono-brand stores worldwide.
Picture:Mavi Company website