LPP Reserved success story continues to develop

Fast-growing textile firm LPP, nicknamed Poland's "Gap" by analysts, said on Friday it would maintain this year's robust revenue and profit growth dynamics next year. LPP, which sells casual style clothes with the Reserved label is increasingly popular among the youth, saw its 2002 sales rocket by 46% to zl. 250 million, with net profit growing 77% to stand at zl. 18 million. LPP's CEO Marek Piechocki signalled the company, whose market value jumped nearly four-fold to $65 million since the company's debut on the Warsaw Stock Exchange in May 2001, is mulling over a new share issue, but declined to reveal any details. LPP wants to nearly double the number of its domestic outlets to 70 next year and plans to open 10 new shops in other Central European countries. (Reuters, Parkiet, p. 4) A.K.