Mango improves its ebitda 17%, but red numbers remain

Mango speeds in 2018. The Spanish retain giant, number two by revenue, has closed its fiscal year 2018 with a rise of 17% in its earnings before interest, taxes, depreciation and amortization (ebitda), up to 135 million euros (151.3 million dollars).

The company ended the period increasing its drop 6%. The company registered a drop of 35 million euros (39.2 million dollars), compared to the 33 million euros (37 million dollars) last year.

 At the same time, rose 2.5 points its gross margin, up to 58.7%, an improvement of 78 million euros (87.4 million dollars). In 2018, Mango has reduced by half its financial two-year debt, arriving at 315 million euros (353 million dollars). The company signed last December a refinancing agreement up until 2023.

Mango has reduced its financial two-year debt, arriving at 315 million euros (353 million dollars)

“We have achieved a balance and, in the rise, ebitda, what will allow us to achieve our strategic plan and to continue to reduce the debt and financial costs” Toni Ruíz, managing director of Mango stated in a press release.

Sales of the company on the other hand rose 1.8% in the period, up to 2.2 billion euros (2.5 billion dollars). It’s the first green year for the group after two fiscals with decreasing results. The company has stayed that its international income represents 77% of the total revenue, while sales in Spain, its local market, represent 23%.

“The tendency of the rise in sales for Mango remained during the first half of 2019, with an increase of more than 50 million euros (56 million dollars) compared to the same period last year” Ruíz stated.