Mavi announced a net profit of 515 million Turkish liras in the first quarter

Mavi

The clothing brand Mavi announced its first-quarter financial results, covering the period from February 1 to April 30, 2023. The company’s consolidated revenues reached 3.947 billion Turkish liras, a 109% increase compared to the same period of the previous year. Mavi achieved a net profit of 515 million Turkish liras in the first quarter, reflecting a 71% growth.

During the first quarter, Mavi also increased its net cash position to 1.896 billion Turkish liras. The company experienced significant growth in global retail, with a 118% increase, a 105% increase in wholesale, and a 77% increase in e-commerce. Mavi’s retail sales in physical stores saw a 124% increase, and the brand achieved over 100% growth in value across all product categories, including women’s and men’s denim and lifestyle products.

Mavi CEO Cüneyt Yavuz stated, “By the end of 2023, our goal is to achieve a 75% consolidated sales growth while maintaining our net cash position and a 22% EBITDA margin. Along with the opening of 5 new stores and expansion in 7 of our existing stores, we will continue to engage with our customers in over 35 countries, through 450+ stores and nearly 4,000 points of sale.”

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