CDRL SA growth for 2016 steady – VP

One of Poland’s largest manufacturers of children’s clothing expects to have a slightly higher turnover than last year, a report in the Polish press said on Tuesday.  At the end of the first three quarters of 2016, the company reported revenues of PLN 151 million, an increase of 14.4 percent, y/y, said Vice President Tomasz Przybyła. However, the company’s net profits were down 8.1 percent y/y. Przybyła indicated that in spite of this, under its flagship brand Coccodrillo, the company would continue its expansion in the months ahead. “The weaker results are related to increases in salaries in the educational store, where (there are) nearly 400 employees, to increased depreciation due to investments in IT and furniture, and an increase in external services due to marketing online store.” Furthermore, he said that, as part of planned growth, the company was looking for opportunities for acquisitions. The WSE-listed company is based in Koscian and is opening 47 new outlets in 2016. At the beginning of trading on Tuesday its shares were trading at PLN 29.20.