Mavi's first quarter revenues rise 25 percent

Announcing its results for the first quarter ended April 30, 2018, Mavi Giyim Sanayi ve Ticaret A.Ş. said that the company saw strong double-digit revenue growth quarter-on-quarter and an exceptional rise in profits across channels and categories, driven by increased basket sizes and transaction volumes from new and existing customers in Turkey and abroad. Compared to the same period last year, consolidated revenue increased by 25 percent to 536 million Turkish lira (119.9 million dollars). EBITDA for the quarter grew by 30 percent to 72 million Turkish lira (16 million dollars), resulting in 13.5 percent EBITDA margin.

Commenting on the company’s performance, Cuneyt Yavuz, Chief Executive Officer of Mavi, said in a media release: “We saw our exceptional momentum continue in the first quarter of 2018 with increased traffic and conversion across our retail, wholesale and online channels. We maintain our full-year guidance based on persistent consumer confidence and our continuous emphasis on customer engagement and loyalty.”

Q1 net profit increases 43 percent

Net profit for the quarter increased by 43 percent to 25 million Turkish lira (5.6 million dollars) and ecommerce revenue rose 55 percent. Revenues in Turkey grew 26 percent to 441 million Turkish lira (98.7 million dollars), driven by 20.8 percent like-for-like growth. The company’s CRM programme reached 6.7 million members, 4.9 million of which have been active over the last two years.

Mavi saw accelerated revenue growth across all categories: denim sales rose 21 percent, shirts, 40 percent, knits, 40 percent, jackets, 70 percent and accessories, 23 percent during the quarter under review.

Mavi’s store roll-out continued in the quarter, with three net new stores in Turkey and one in Russia. The company now operates 426 mono brand stores globally. The company plans to open a total of 25 stores in Turkey in the fiscal year.

Picture:Mavi website