Mango UK profit dips, yet sales rise as store activity grows

The UK subsidiary for Spanish fashion brand Mango reported an uptick in turnover for the year to December 31, 2024, as in-store sales rose throughout the period.

Throughout the year, turnover was up from 120.8 million pounds in 2023 to 128 million pounds, reflecting a 5.96 percent increase. While still a positive trajectory, this came below more rapid increases in turnover seen in the years prior.

Gross margin over the period fell from 47.10 percent to 46.29 percent, while operating profit amounted to 3.99 million pounds, down from 5.17 million pounds. Profit for the financial year came to 2.7 million pounds, a dip on 2023’s 3.9 million pounds.

In the report, filed with the UK’s Companies House, Mango said “the current economic conditions create uncertainty over the level of demand within the retail sector”. Despite this, directors are vying for growth in the future, with online activity expected to "stabilise" and store sales anticipated to continue growing.

It was also revealed that, despite uncertainty, Mango is planning to open new stores in the UK within the next year, continuing an ongoing business strategy intended to accelerate growth. In the region, as of the end of 2024, Mango operated 49 corporate stores, 10 more than what it had in 2023.