LPP with PLN 115 mln loss in Q1 2018

Clothing retailer LPP recorded PLN 1.58 million in revenue (16 percent more y/y) and PLN 115 million in operational loss in the first quarter of 2018. The market consensus saw revenue at PLN 1.52 million and EBIT loss at PLN 107.7 million. Gross profit from sales amounted to PLN 710 million (a 14.4 percent increase y/y), while selling general & administrative costs to PLN 815 million (a 13.3 percent growth), the retailer stated in a market filing. LFL sales increased by 9.2 percent in Q1 2018.