Mango, saying that it ended 2021 in its best financial state in a decade, reported a net profit of 67 million euros for 2021, after losing money in pandemic-riddled 2020.
Last year’s net was more than three times higher than the 2019 net of 21 million euros.
Volume reached 2.23 billion euros, a 21.3 percent increase over the 1.84 billion euros generated in 2020, and close to 2019’s turnover of 2.37 billion euros.
“The 2021 results demonstrate the positive evolution of the company in recent years and are the result of the hard work of the entire team,” said Toni Ruiz, chief executive officer of the Barcelona-based fashion retailer.
“Today, Mango is in an optimal position to face the future by promoting our brand and our product, remaining at the service of our customers and continuing our journey toward sustainability and operational excellence,” Ruiz added.
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Online sales last year grew 23 percent to 942 million euros, or 42 percent of the total volume.
Although stores were closed an average of 48 days last year due to the pandemic, the brick-and-mortar sales improved by 21.4 percent compared to 2020, Ruiz said. Mango has 2,447 stores worldwide. Last year, there were 226 net store openings, including flagships in London, Düsseldorf and Berlin, and four U.S. openings. The company has temporarily ceased operations in Russia due to that country’s invasion of Ukraine.
Spain represented 21 percent of the total volume last year; the rest of the world 79 percent. Mango has a presence in 110 markets around the world.
Women’s fashion accounted for 82 percent of the volume; men’s, kids, teens and home accounted for a combined 18 percent.
The company highlighted kids as performing “particularly well” with a 60 percent increase in sales over 2019.
Earnings before interest, taxes, depreciation and amortization reached 423 million euros, which the company said was well above initial forecasts and more than twice the EBITDA of 2020.
Mango also increased sustainability efforts last year, including becoming more transparent by listing the Tier 1 and Tier 2 factories it works with and doubling the percentage of sustainable garments in production to 80 percent of the collection. This year, the company’s goal is to also list Tier 3 factories and have all of its garments designated “committed,” meaning the items contain at least 30 percent more sustainable fibers and/or have been manufactured with more sustainable production processes. In addition, Mango said that last year it stepped up waste reduction efforts.