LPP suffers PLN 117 mln Q1 net loss

WSE-listed fashion retailer LPP posted a PLN 117 million net loss in Q1 confirming preliminary results, down from PLN 65.5 million the year before. Revenues amounted to PLN 1.36 billion, a 16 percent increase y/y. Lfl sales grew by 4.6 percent, with the best results recorded in Hungary, Ukraine and Czechia. Gross margin for the quarter amounted to 45.6 percent. At end-Q1, LPP had 1,671 stores in 18 countries with a total space of 913.9 sq km. According to company’s deputy CEO, Przemysław Lutkiewicz, Q2 results should be much better.