LPP estimates net income in Q2 at PLN 89 million, below expectations.

LPP says it predicts a net income of PLN 89 million and PLN 159 million EBITDA for Q2,  a company statement read. The results are below the market's estimates. LPP, a company which manages six clothing brands ( RESERVED, Tallinder, Cropp, House, MOHITO and SiNSAY) in Q1 increased its shop surface area by 14 percent y/y. As of end of March, the company was present in 18 countries in Europe and the Middle East. Revenues were at PLN 1.2 billion, a rise of 17 percent y/y. Internet sales were 52 percent higher than the year before. LPP has been listed on the Warsaw Stock Exchange since 2001. It manages more than 1,600 shops and employs 20,000 workers.