Mavi Giyim (MAVI), our country’s leading clothing retailer, announced its second quarter balance sheet report for 2023 last evening. MAVI, identified with jeans, increased its net sales for the fifth consecutive quarter and achieved a three-quarter streak in EBITDA and net profit items.
The company doubled its sales compared to the same period of the previous year. Sales, which were 4,123,520,000 TL in the second quarter of 2022, were recorded as 8,414,879,000 TL today. Mavi Giyim announced its annual gross profit of 2,308,803,000 TL as 4,291,104,000 TL, an increase of 86%.
The company’s net profit has increased by 66% from the second quarter of 2022 to the present. The net profit, which was 696 million 123 thousand TL in the said period, has reached 1 billion 155 million 747 thousand TL today.
Debts Are Decreasing, Assets and Equity Are Increasing!
While the domestic clothing retailer largely maintained its profitability against inflation, it attracted the attention of investors with its asset and liability figures. MAVI reduced its financial debt while increasing its equity, fixed and current assets compared to the second quarter of 2022. The company remains on the creditor side in terms of net debt.
Compared to the same period of the previous year, Mavi Giyim increased its equity capital by 40% and its current and fixed assets by 5% and 21%, respectively. The company’s financial debt, which currently stands at approximately 2 billion TL, decreased by 4%.
BLUE Share Price
The company’s stock traded on Borsa Istanbul gets its share of the correction in the BIST 100 index. The stock, which lost sales after its peak of 123.5 TL on September 11, 2023, closed last day at 109.0 TL.
Investors are looking forward to what direction the company, which announced a positive balance sheet, will move today.