LPP profit down

WSE-listed fashion retailer LPP, which owns brands like Reserved, Cropp, Mohito, had a PLN 158 million in profits in Q4, down 8.7 percent year-on-year, the company's preliminary results showed. For the whole 2016, the company had PLN 176 million in profit (down from PLN 351 million in 2016) and PLN 6.02 billion in revenues. The Q4 gross margin slipped 4 pps to 50.9 percent due to a one-off sale of an old collection, LPP said. Like-for-like sales in Q4 rose by 5.1 percent, LPP said.