BGC Partners: MAVI 1Q19 Earnings Review - In line
Mavi reported 1Q19 net profit of TL6.7mn (-71% y/y), in line with consensus (when IFRS 16 impact is stripped)… The reported net profit is in line with consensus of TL12mn, as we calculate that without IFRS 16 impact, the net profit would have been TL12.1mn. The actual 1Q19 results are slightly better than our expectation mainly due to lower operating expenses (staff costs mainly) than we forecastMavi Giyim Sanayi ve Ticaret AS is a Turkey-based company, which designs and manufactures apparel and accessories, under the Mavi brand, for both women and men. The Company offers pants, jackets, shirts, shorts, dresses, skirts, and joggers. The Company operates more than 390 mono-brand Mavi stores with particular presence in Turkey, the United States (following the acquisition of Mavi USA), Canada (following the acquisition of Mavi Canada), Europe (centered on Germany) and Russia, more than 5,000 global points of sale, as well as an online store. It has a retail base in Turkey with more than 200 mono-brand retail stores, more than 60 franchise-operated mono-brand retail stores and more than 400 multi-brand points of sale across the country. Its wholesale partners include Nordstrom, Bloomingdale's and Peek & Cloppenburg.
BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.
We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:
- Mergers & Acquisitions
- Equity Capital Markets
- Debt Finance & Advisory
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