Lithuania : Apranga to open 16 new shops in H2

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Apranga to open 16 new shops in H2

29
Aug '08

The retail turnover (including VAT) of Apranga Group has made LTL 233.6 million (EUR 67.7 million) in 6 months of 2008 and has increased by 27.6% comparing to corresponding period of 2007.

The retail turnover of Apranga Group in Lithuania has made LTL 233.6 million (EUR 67.7 million) in 6 months of 2008, has increased by 27.6% comparing to corresponding period of 2007 and was in line with group's operational plans.

The retail turnover of Apranga Group in foreign markets has made LTL 78.1 million (EUR 22.6 million) in 6 months of 2008 and totaled 33.4 of the group's turnover.

Due to the cooling consumer products market, the retail turnover in Latvia and Estonia was lower than the rate of expansion, and by 15% lower than it was planned.

Apranga Group has earned LTL 3.7 million (EUR 1.1 million) unaudited profit before taxes in 6 months of 2008, of which LTL 4.2 million (EUR 1.2 million) was earned in second quarter of 2008. This was respectively 65% and 15% less than in the same periods of 2007.

The total sales area of Apranga Group during one year period has increased from 46.4 to 56.0 thousand sq. m, or by 20.7%. The stores area in the foreign markets has increased from 12.5 to 18.0 thousand sq. m, or by 44.0%

“Apranga” group will open 16 new shops in the second half of 2008.

The Apranga Group retail turnover in 2008 may be around 10% less than it was announced at the end of 2007 because of rapid decrease of consumer products market growth rates in the Baltic States (especially in Latvia and Estonia),also because of 2 months delay in the opening of the shopping centre Panorama in Vilnius.

The plans of the turnover and profit will be adjusted in the beginning o November 2008

The consolidated interim financial statements for 6 months 2008 of Apranga Group, as well as managers' confirmation letter are ready for acquaintance.

Apranga Group

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