Mavi’s Net Profit Increased by 30% in the First Half of 2024
Mavi announced its first-half financial results for 2024, which include inflation adjustment. Mavi’s consolidated revenues amounted to 16 billion 399 million TL and its net profit increased by 30% to 1 billion 519 million TL.
Turkey’s leading jeans and ready-to-wear brand Mavi announced its financial results including inflation adjustment for the first six months covering the period of February 1 – July 31, 2024. In the first half of the year, the company’s total revenues amounted to 16 billion 399 million TL, and its net profit increased by 30% to 1 billion 519 million TL. In the reporting period, EBITDA grew by 14% to 3 billion 371 million TL, while the EBITDA margin was 20.6%. In the second quarter, which was affected by the slowdown in consumer demand in parallel with macroeconomic conditions; Consolidated sales revenues amounted to 7 billion 427 million TL, EBITDA of 1 billion 219 million TL, and net profit of 468 million TL.
Mavi Gained 770 Thousand New Customers in the First Half
Focusing on sustainable profitable growth, Mavi’s total revenues in the first six months came from retail, 21% from wholesale, and 9% from e-commerce sales. Mavi, which plans to open 15 new stores and expand square meters in 10 stores in 2024, opened 6 new stores and grew in 6 stores in the first half and reached a sales area of 179 thousand m2.
The company, which continues to grow in women’s and men’s, denim, and lifestyle product categories and aims to gain 1.3 million new customers per year, has gained 770 thousand new customers in the first six months.
“We Are Growing Above the Market, We Are Steadily Advancing Towards Our Goals”
Evaluating the first-half performance, Cüneyt Yavuz, CEO of Mavi said: “Despite the slowdown in the second quarter; Thanks to our strong brand positioning, reliable price strategy, high quality, and continuous innovation, we keep the customer’s demand for Mavi alive under all circumstances. We focus on our medium and long-term goals in line with our Mavi NEXT strategy.
”In the first six months of the year, we generated TL 3.3 billion in cash from our operations.”
While managing competitive conditions in a declining demand environment with the right price strategy and flexible supply chain, we improved our gross profit margin in the second quarter. Our stock level is strong and healthy thanks to our dynamic planning capacity. In the first six months of the year, we generated TL 3.3 billion in cash from our operations. As a company with a solid people, management, and financial structure foundation, we focus on profitable growth and happy Mavi customers in every period.”