LPP’s financial results for Q3 2020

by   CIJ News iDesk II
2021-01-13   09:11

The Group’s revenue in Q3 of the 2020/21 financial year grew by almost 5% YoY to over PLN 2.4 bn. The drop in sales for 9 months of this year by 11.4% was lower than expected. The increase in online sales, in the period from August to October, offset the falls in traditional sales. Revenues from e-commerce in Q3 constituted 18% of the Group’s revenues. The PLN 2 bn proceeds from this channel planned for the end of the year has been maintained. The stabilisation of sales and the positive effects of efforts aimed at strengthening the omnichannel model led the company to unfreeze its investment plans and to return to the stock up for the next season at the 2019 level. The importance of exports in the revenues of the Polish clothing manufacturer is growing. In Q3, foreign sales of LPP already accounted for over 56% of the revenue.