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Mango profits soar 79% as revenues rise

Mango grew profits by 79% in 2012 as the Spanish fashion chain benefitted from improvements to its shopping experience.

In the year to December 31, the retailer posted net profits of €113.4m (£96.4m), which it said had been fuelled by improvements implemented during the first half, which included changes to its window dressing, advertising and catalogue.

During the year revenues rose 20% to €1.69bn (£1.45bn).

Managing director Enric Casi said: “We are facing an uncertain economic situation, which will influence the world economy in the medium term. However, in this environment, we have diversified our presence in the major markets, and we are also doing this by creating new product lines (Kids, Sport&Intimates, a new youth line and another more adult line).”

He added: “We are also continually updating our sustainability policies, analysing all the potential risks within our chain and strengthening our internal and external audit and control systems.”

During 2012 Mango increased its store portfolio by 19, with 17 opening in Spain and 180 in other markets. This takes the chain to 2,598 points of sale.

Casi added: “In 2013, the plan is to open approximately 220 points of sale and achieve a turnover of approximately €1.98bn (£1.68bn), and to continue growing at this annual rate in the coming years.”

During the year Mango created around 2,000 jobs, of which 70% were employees aged under 30 as the chain attempts to promote youth employment.

The chain, which is present in 109 countries, will launch in Angola, Equatorial Guinea, Mongolia and Zimbabwe.

Mango is one of the brands to have been implicated in the Bangladesh disaster, which killed 1,127 people, although it has always insisted it was not using the factory at the time it collapsed. The retailer was recently the focus of a series of protests calling for compensation to be paid to victims and their families

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