Mavi’s Net Profit Increased by 127% to TL 969 Million in the First Quarter of 2024

Mavi, Turkey’s leading jeans and ready-to-wear brand, announced its first quarter financial results for the period between February 1 and April 30, 2024, adjusted for inflation accounting. The company’s consolidated revenues increased by 20% year-on-year to TL 8 billion 273 million, while net profit increased by 127% to TL 969 million in the first quarter of the year.

The company ended the first quarter with EBITDA of TRY1,984 million, with an EBITDA margin of 24%. Maintaining its strong balance sheet position, Mavi continued to generate cash from operations, bringing its net cash position to TL 5.266 billion.

Standing out with its sustainable profitable growth, Mavi achieved 25% growth in global retail, 11% growth in wholesale and 12% growth in e-commerce in the first quarter. Continuing its growth trend in Turkey as well as globally during the first quarter, the Company opened 2 net stores and expanded the square meters in 3 stores. Mavi increased its retail one-to-one store sales by 20%, while its e-commerce growth in Turkey was 23%.

We focus on sustainable profitable growth and our long-term goals

İlk çeyrek performansını değerlendiren Mavi CEO’su Cüneyt Yavuz, şunları söyledi:

“In line with our Mavi NEXT strategy, we are taking firm steps towards the long-term goals we have shared with our investors, business partners and customers. Our first quarter performance is the best proof of this. In a period when managing change and making data-driven decisions are more valuable than ever, we are maintaining sustainable profitable growth by maintaining our healthy balance sheet structure through flexible supply chain, accurate positioning and planning, inventory and cash flow management. We maintain our understanding of the right product, the right price and high quality under all circumstances.

Taking firm steps towards its target of 1.3 million new customers per year

With the strategies we developed, we increased the number of Kartuş Kart active members by 409 thousand to 5.7 million people. Based on the results at the end of 2023, we had revised our target of 1 million new customers per year to 1.3 million. We are very happy that our first quarter results are in line with this target.”