The fashion company Mango is already leaving behind the impact generated by the health crisis of covid 19. The results corresponding to the first half of 2021, presented this Monday, indicate that sales have grown by 21% compared to the same period of 2020 Exceeding the turnover generated in the middle of the pandemic was not difficult, but Mango has also managed to sell more in May and June than in the same months of 2019, before the crisis. This circumstance makes the company revise its forecasts, and now it calculates that this year it will be able to exceed the result obtained two years ago.
The good performance of the data for this first semester indicates that the fashion company was on the right track when plans were truncated due to the pandemic. In 2019, the company owned by Isak Andic managed to return to profits after three years in losses: it earned 21 million euros and made a turnover of 2,374 million, the historical record so far. The course from then on was piloted by Toni Ruiz, who after being CEO of the company was appointed CEO in March 2020, just before the pandemic. The objectives were optimistic, but the crisis arrived. Last year, Mango lost 110 million and the pandemic dropped sales by 22%.
However, the course was set, and the results of this first half of 2021 show that last year was a downturn from which the company hopes to recover soon, with the aim of exceeding the benefits obtained in 2019. Thus, between January and June This year, sales have grown by 21%, mainly driven by the online channel, which has increased by 37% compared to the same period of the previous year, and 85% more if we compare it with the first half of 2019. The effect that the pandemic has had on the habits and customs of consumers, already more used to digital shopping, is evident. The weight of the online channel for Mango’s billing is already 46%, and this year they plan to close it with digital sales of over 1,000 million euros.
The commercial margin has also improved by 1.8 points compared to 2019, standing above 58%, and the result before taxes has improved by more than 20 million euros compared to the same period in 2019 and by almost 100 compared to the same months of 2020.
“The results achieved so far this year make us optimistic for the second semester, in which we expect a recovery in sales above the 2019 figures. We expect to see benefits again this year,” Ruiz explained in a statement. . And that despite the fact that during this first semester there have also been restrictions in their physical stores due to covid 19: on average, Mango stores have closed 50 days in these six months, with special effects in Germany, France, the United Kingdom, Portugal and Turkey.