Mavi's FY17 net profit soars 74 percent, revenues up 36 percent

Mavi Giyim Sanayi ve Ticaret A.Ş. recorded double-digit revenue growth across all channels and categories, and in its home market Turkey and abroad. Compared to the same period last year, consolidated revenue increased by 36 percent to 1,782 million Turkish lira (457.6 million dollars), while EBITDA grew by 48 percent to 252 million Turkish lira (64.7 million dollars), with an EBITDA margin of 14.1 percent. The company reported profit growth of 74 percent to 90 million Turkish lira (23.1 million dollars) as it continued its global retail store and e-commerce expansion strategy.

Commenting on the positive annual trading, Cuneyt Yavuz, Chief Executive Officer of Mavi, said in a statement: “2017 has been a milestone year for us, and we are proud of the continued strength of our performance and brand positioning since listing on the Borsa Istanbul in June. We are confident that we will maintain this strong performance in 2018 and beyond.”

Mavi’s ecommerce sales jump 76 percent in FY17

Ecommerce revenue for the year saw a growth of 76 percent and the company said, it sold 8.9 million denim items in 2017. Retail revenue in Turkey grew by 32 percent to 1,133 million Turkish lira (291 million dollars), with a 22.8 percent increase in like-for-revenue. The company also witnessed strong revenue growth across all categories in Turkey with denim segment posting a rise of 32 percent, shirts, 41 percent, jackets, 50 percent, knits, 25 percent and accessories, 33 percent. 1.2 million new customers were acquired during the year under review.

Over the year, Mavi’s store roll-out continued in line with its expansions plans, with 26 new stores in Turkey and six in Russia. As a result, the company now operates 425 mono-brand stores globally.

Following the successful year, the company board has recommended distributing 30 percent of the 2017 net profit as a dividend to shareholders, for approval at the ordinary general assembly meeting.

Picture:Mavi website