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Turkish denim brand Mavi reports Q1 FY21 sales of TL 759 mn

Mavi, a Turkey-based leading jeans and apparel brand, has reported 96 per cent revenue growth to TL 758.8 million (Turkish lira) in its first quarter (Q1) FY21 ended on April 30, 2021, compared to TL 387.1 million in the corresponding period of previous fiscal. The company’s profit for the quarter rose to TL 36.5 million (Q1 FY20: loss TL 51.6 million).

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“The company maintained its steady growth trend in the first quarter of 2021 even though the Covid-19 restrictions remained in place in the countries where it operates,” Cüneyt Yavuz, Mavi CEO, said in a press release.

 

“With the evolving consumer behaviour, we captured record growth in e-commerce. Thanks to our owned channels, along with diversified and expanding marketplace partnerships, our online sales grew by 258 per cent in Turkey and 185 per cent globally,” Yavuz added.

 

Gross profit during Q1 FY21 increased to TL 375.1 million (TL 175.8 million), while Mavi’s operating profit jumped to TL 65.9 million (loss: TL 48.6 million). The company’s EBITDA was TL 141.5 million (TL 20.1 million).

 

“Despite reduced foot traffic due to the weekend lockdowns and night curfews on weekdays in Turkey, we were able to capture higher performance on the days the stores were open as consumers’ shopping habits adapted to the new situation. Considering only open days, same store sales recorded 41 per cent growth compared to 2019,” Yavuz said in the release.

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