LPP profit down to PLN 24.24 million in H1

LPP recorded a net profit of PLN 24.24 million in H1 2016, down from PLN 99.26 million in the same period of last year, the company stated in a report. The operational profit was PLN 22.56 million, compared to PLN 160.52 million in H1 2015. GK LPP has seen a profit fall of 75.6 percent because of shrinking sales margins caused by the strengthening of the USD/PLN currency pair and increased competition amongst its direct rivals, the report stated. Revenues stood at PLN 2.677  billion. IN H1 59 new locations have been opened with a total surface area exceeding 30,000 sqm. The company plans on enlarging its total commercial space by 9 percent in 2016; its CAPEX amounts to PLN 370 million. LPP manages six clothing brands: Reserved, Cropp, House, SiNSAY, Mohito, and Tallinder. The company has been listed on the WSE since 2001.