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LPP H1 FY21 reports sales of PLN 3.3 bn

Oct '20
Pic: LPP
Pic: LPP
LPP, a Polish family-run company engaged in the design and manufacturing of clothing, posted 20.6 per cent decrease in sales to PLN 3.3 billion (Polish zloty) during first half (H1) for FY21, ended on July 31, 2020, compared to PLN 4.1 billion in the same period last year. In H1 FY21, largest share in revenue was generated by brand Reserved (45.1 per cent).
Gross sales profit for the period came down to PLN 1.58 billion (PLN 2.1 billion). While, EBITDA decreased 54.9 per cent to PLN 0.3 million (PLN 0.7 million). Group’s operating loss for the first half was PLN 0.2 million. Net loss was PLN 0.3 million was reported compared to net profit of PLN 0.05 million in H1 FY20.
During the first six months of FY21, sales in Poland slipped 26.7 per cent to PLN 1.4 billion (PLN 2.0 billion). Whereas, sales in European countries dropped 3.3 per cent to PLN 1.0 billion (PLN 1.1 billion). Sales in CIS region plunged 27.1 per cent to PLN 0.7 million (PLN 0.9 million).
“The recently visible upward trend in revenues is a positive signal for us. Although this does not yet mean a return to the levels recorded before the pandemic,” Przemyslaw Lutkiewicz, vice-president of the management board at LPP, said in a press release. 
“Due to the ongoing pandemic, the market situation is, of course, still unstable and we need to be prepared for different scenarios. However, the actions taken during the crisis and the optimisation of many areas of the company’s operations, combined with the financial cushion, give us a sense of security,” Lutkiewicz said.

Fibre2Fashion News Desk (JL)

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