Mango Reports Rise In Profits

The Spanish high street retailer Mango has reported a net profit of EUR 64.8 million for 2003, it was reported Wednesday, representing a 7 percent rise compared to the previous year. Mango MNG Holding SL sales climbed to EUR 782 million last year - a 5 percent increase from 2002. Mango also reduced its net debt by 35 percent, from EUR 105 million in 2002 to EUR 70 million last year.

Nearly three-quarters - 73 percent - of Mango's 2003 turnover was earned abroad, with the remaining 27 percent coming from Spain. The firm continued its expansion in 2003, opening 104 new stores, 97 of them outside Spain. As of December, Mango had 704 sales outlets in 72 countries, about 60 percent of which were franchise shops.