LPP's H1 revenues rise 15 percent, net profit doubles

In the first half of 2017, sales at LPP increased by 15 percent to reach 3 billion Polish Zloty (0.84 billion dollars), and the company generated a net profit of 56 million Polish Zloty (15 million dollars), double figure compared to the same period last year. The company’s gross margin also increased substantially to reach 57 percent year-on-year.

Commenting on the company’s first half performance, Przemysław Lutkiewicz, Vice-President and Finance Director of LPP said in a press statement: This is attributable to a well-designed collection and, specifically, the positive reception by customers of the spring/summer offers of Reserved and Mohito. In the first half, sales in like-for-like stores (LFL) increased by 5.5 percent, which confirms that we were right in choosing our strategy.”

In the second quarter of 2017, LPP’s flagship brand Reserved recorded revenues exceeding 762.6million Polish Zloty (212 million dollars), an increase of 14 percent, followed by Cropp, which reported sales of 254 million Polish Zloty (70 million dollars), a 9.3 percent increase over the last year’s second quarter. Mohito posted revenues of 212million Polish Zloty (59 million dollars), representing a rise of 15.7 percent. House with sales of 181million Polish Zloty (50 million dollars), however saw a decrease by 4.2 percent and Sinsay with 148.5million Polish Zloty (41 million dollars) reported a sales increase of 26.6 percent.

The company said, last quarter, brands owned by the Group had their debuts in Berlin (Reserved) and Minsk (Reserved, Cropp and House). Online stores of all five brands have been available already since April in Lithuania, Latvia and Estonia. In total, LPP operates 45 e-stores and in September, London will witness the launch of Reserved.

The company added that to meet the requirements of its development plan, LPP will open another logistics centre and has started the construction of its head office in Gdańsk.

Picture:Facebook/Reserved