Spanish fashion chain Mango has seen its turnover drop due to adverse weather last fiscal year, but sees reasons for optimism in a decreased loss and in online growth.
Loss reduced with 45 %
Mango has reduced its losses by 45 % to 33 million euro in 2017, but saw its turnover go down by 2.9 % to 2,19 billion euro. The retailer mentioned the high temperatures as a reason for this decrease in sales, otherwise the company would have been profitable last year – says vice-chairman Daniel López. He therefore thinks 2018 will be better and turnover has improved already over the last five months.
Mango’s online turnover increased by 15.4 % to 339.2 million euro, totalling 15.5 % of total turnover. The company thinks the threshold of 20 % income from online will be achievable already in 2019, at least a year later than was expected earlier. Mango sells on line in 83 countries, which should become 85 before the end of this year – after the addition of Iran and the Ukraine.
The retailer had 211 megastores of over 1100 sqm at the end of its fiscal year, including 20 built in that year. There are 2190 Mango stores all over the world, in 110 countries.
