MANGO closed 2011 with a €63.3 million net profit, after two years of heavy investment
The Director General of the Catalan fashion retailer, Enric Casi, had already warned that the MANGO's profits in 2011 would be lower than usual due to its extensive investments and expansions abroad. In 2012, the company expects a profit of €200 million due to the investments and has already seen positive results for the first months of this year. The successful multinational was founded in Barcelona in 1984 and has over 2,400 outlets in 107 countries and over 11,000 employees.
Barcelona (ACN).- MANGO has closed 2011 with a net profit of \u20AC63.3 million, 58% less than in 2010 when the company saw a net profit of \u20AC103 million. Enric Casi, the Director General of the Catalan fashion retailer, had warned in September that MANGO\u2019s 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 \u20AC200 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\u2019s turnover in the first half of this year.
MANGO closed 2011 with a turnover of \u20AC1.41 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.