MANGO closed 2011 with a €63.3 million net profit, after two years of heavy investment

Barcelona (ACN).- MANGO has closed 2011 with a net profit of €63.3 million, 58% less than in 2010 when the company saw a net profit of €103 million. Enric Casi, the Director General of the Catalan fashion retailer, had warned in September that MANGO’s profit would be lower than usual due to heavy investments in expanding the multinational company. Over the last two years the company has invested in opening 644 sections within large department stores and new shops of its own, 636 of them abroad. In late 2011, MANGO had 2,400 retail venues in 107 countries and 11,000 employees. Based on sales from the first half of this year, the company expects to see profits of over €200 million in 2012.

The forecast for 2012, showing a significant increase in profits for the Catalan retailer, is based on improvements made in recent months in the areas of merchandising, window displays, catalogs, collections, pricing, distribution and advertising. The changes have already had a positive effect, increasing the multinational company’s turnover in the first half of this year.

MANGO closed 2011 with a turnover of €1.41 billion, which was an increase of 11% compared with 2010. The figures so far for 2012 show that, 84% of its turnover came from abroad and the remaining 16% from retail in Spain.