Reserved parent company LPP starts new financial year with strong growth
In the first quarter, which ended on April 30, consolidated revenue amounted to 4.95 billion złoty (986.6 billion pounds). This exceeded the level of the same period last year by 15 percent. The group owed its strong growth not least to above-average increases in its two main brands: Sinsay's revenue rose by 30.8 percent to 2.75 billion złoty; Reserved achieved an increase of 22 percent to 1.39 billion złoty. Management lowers revenue forecast for current year
Operating profit reached 464 million złoty, which represented an increase of 12.9 percent compared to the same quarter last year. Net profit attributable to shareholders grew by 21 percent to 334 million złoty.
However, management lowered its revenue forecast for the current financial year, which had previously been between 23 and 24 billion złoty, to between 23 and 24 billion złoty. The decision was justified by business developments in the first few weeks of the second quarter. "Exceptionally low temperatures" in Poland and the rest of Europe had dampened demand for the SS22 collections, the company explained. This article was translated to English using an AI tool.
FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@fashionunited.com
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