Spanish retailer Mango saw a record $2.68 billion in sales, outpacing pre-pandemic demand by 13%, with customers continuing to spend on clothing while deprioritizing spending on other discretionary items.
The company registered a 20% revenue growth compared to the year before and saw its net profit rise by 21% to $85.66 million.
“We capitalized on the end of the (COVID) restrictions and the return to normality last year with a push for new shops,” Chief Executive Officer Toni Ruiz said.
Besides sustained demand, the company’s expansion in the U.S. and India also helped grow its sales. Last year, the company opened nine new store locations in the U.S., including a flagship store in New York. It also opened 119 outlet locations across the globe.
“The United States is a great market and should become one of our top five very quickly,” Ruiz said, adding that it will expand the number of locations in the U.S. to 40 by next year.
And in India, the company will open 35 locations, further bolstering its business in the continent, where it will have a total of 110 locations.
Last month, the company also revealed plans to open eight stores in Toronto, part of its effort to build its presence in the North American market.
The company operates a total of 2,566 outlet stores globally and has plans to open more locations in 2023 than last year, according to Reuters.
Photo credit: Mango