Mango has seen its net profit more than double as it rose to €172m (£147m) for the year to 31 December 2023 compared to €81m (£69m) last year.
The Spanish fashion retailer posted a 15% increase in revenue to a record high of€3.1bn (£2.6bn) as EBITDA climbed by 22% to exceed €533m.
The business attributed much of its success to strong momentum in its physical channel where it opened 130 new stores, taking its total to 2,700 in over 115 markets worldwide.
Online turnover also soared to over €1bn for the first time as it accounted for 33% of the group’s total turnover.
On the stellar results, CEO Toni Ruiz: “The work carried out in recent years is bearing fruit: we are growing above the market, we are profitable and we are financially healthy.”
International business accounted for 77% of Mango’s turnover last year and its US business also entered into Mango’s top five markets in terms of turnover for the first time.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
Ruiz added: “In a very competitive environment, Mango has managed to significantly increase its sales, achieving the best results in the company’s history, with a turnover above €3 billion for the first time.”
“The excellent results achieved in 2023, which are the best in the company’s history, are the result of the enormous effort, commitment and dedication of the people who work in Mango. Our enthusiasm and passion will be fundamental to achieving the new objectives that we set for ourselves today in the 4E Plan.”
As part of its 4E strategy, Mango has set itself a target of opening 500 new stores by 2026, mainly in Spain, France, Italy, Germany, the UK, Poland, India, Canada and the US.
The results come after Mango shared record sales and EBITDA in 2022, as it put significant investment into technology and its physical stores.
Click here to sign up to Retail Gazette‘s free daily email newsletter
