Spain's Mango cuts revenue forecasts after launching new lines

MADRID - Spanish unlisted fashion chain Mango has cut its revenue forecasts after launching new clothing lines, chief executive officer Enric Casi told Reuters on Thursday.

"In the past, we've been a little bit optimistic and now we've decided to apply more conservative criteria," Enric Casi said. "The new lines will take a couple of years to reach sales per square metre ratios similar to those of our traditional offerings."

The company said it expected to bring in 3.27 billion euros (2.60 billion pounds) in 2017 in its annual sustainability report published last week, 34 percent less than the 4.97 billion euros forecast in the previous year's report.