Mavi reports strong Q2 trading with like-for-like sales up 21 percent

In its trading update for the second quarter ahead of half year results, Mavi has announced that throughout the challenging environment in the Turkish market in the first half of 2018, the company has continued to deliver strong sales growth across all retail, wholesale and online channels in Turkey. The company said, cumulative like-for-like sales growth for the six months from Feb 1 to July 31, 2018 was 20.9 percent, including strong sales performance in the second quarter of 21 percent like-for-like growth.

The company added that continued growth in like-for-like sales was achieved through high customer traffic coupled with improved conversion rates resulting in a 13.3 percent increase in the number transactions and a 6.7 percent increase in basket size. Following the strong sales momentum in July with like-for-like growth of 28.3 percent, Mavi said, the first 14 days of August are tracking strongly with a continuing increase in customer traffic and sales transactions.

In Turkey, Mavi opened a net seven retail stores in the first half of 2018 and currently serves its customers from 294 owned retail stores and 74 franchise stores. The company Going forward, the company added that its management has decided to enter into TRY or revenue-linked contracts and is revising store opening plans accordingly.

Mavi generates 18 percent of its revenue from international sales, most of which are in hard currency. International sales and margins are expected to benefit from the current currency levels and to have a positive impact on Mavi financials. The management of Mavi remains confident of delivering its previously shared 2018 guidance of 25 percent sales growth, including maintaining margins and 16 percent like-for-like sales growth.

Picture:Mavi website