Mango, saying it ended 2021 in its best financial position in a decade, reported a net profit of 67 million euros for 2021, after losing money in 2020 amid the pandemic.
Last year’s net was more than three times the 2019 net of €21 million.
Volume reached 2.23 billion euros, an increase of 21.3% compared to the 1.84 billion euros generated in 2020, and close to the 2019 turnover of 2.37 billion euros euros.
“The 2021 results demonstrate the positive development of the business in recent years and are the result of the hard work of the entire team,” said Toni Ruiz, managing director of the Barcelona-based fashion retailer.
“Today, Mango is in an optimal position to face the future by promoting our brand and our product, remaining at the service of our customers and continuing our path towards sustainability and operational excellence,” added Ruiz.
Last year, online sales increased by 23% to reach 942 million euros, or 42% of the total volume.
Although stores were closed for an average of 48 days last year due to the pandemic, physical sales improved 21.4% from 2020, Ruiz said. Mango has 2,447 stores worldwide. Last year there were 226 net store openings, including flagship stores in London, Düsseldorf and Berlin, and four openings in the United States. The company temporarily ceased operations in Russia due to that country’s invasion of Ukraine.
Spain accounted for 21% of total volume last year; the rest of the world 79 percent. Mango is present in 110 markets around the world.
Women’s fashion accounted for 82% of volume; men, children, adolescents and home accounted for 18%.
The company pointed out that children were performing “particularly well” with a 60% increase in sales compared to 2019.
Earnings before interest, taxes, depreciation and amortization reached 423 million euros, which the company said was well above initial guidance and more than double 2020 EBITDA.
Mango also stepped up its sustainability efforts last year, including becoming more transparent by listing the Tier 1 and Tier 2 factories it works with and doubling the percentage of sustainable garments in production to 80% of the collection. . This year, the company’s goal is also to list Tier 3 factories and have all of its garments designated “committed,” meaning items contain at least 30% more sustainable fibers. and/or were made with more sustainable production processes. Additionally, Mango said that in the past year it has stepped up its waste reduction efforts.