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Investing.com -- Polish fashion retailer LPP on Thursday reported a 20% year-on-year increase in first-quarter net profit, reaching 334 million zlotys ($90.49 million), which exceeded analyst expectations of 246 million zlotys.
The company’s operating profit grew by almost 13% year-on-year to 464 million zlotys during the quarter. LPP also saw its gross margin improve to 54.0%, representing a 1.9 percentage point increase compared to the previous year.
The strong financial performance was attributed to higher like-for-like sales and continued growth in the company’s online retail channel. Favorable exchange rate movements also contributed to the profit increase.
In April, LPP unveiled its 2025-2027 strategy, which outlines ambitious expansion plans. The company aims to double its annual revenue to 40 billion zlotys by 2027, with its Sinsay brand expected to generate 75% of the group’s total sales.
As part of this growth strategy, LPP plans to significantly expand its retail presence by increasing its store network to approximately 7,500 outlets by the end of 2027.
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