LPP jumps on better-than-expected Q2 results, upbeat outlook
BUZZ-LPP jumps on better-than-expected Q2 results, upbeat outlook ** Shares of Poland's largest fashion retailer LPP LPPP.WA rise nearly 7% after Q2 results, published late on Thursday, were above its preliminary numbers
** Q2 net profit rose 64% quarter-on-quarter supported by strong sales, especially in LPP's budget fashion brand Sinsay
** The trading update implies that positive earnings momentum has continued in Q3, Erste analyst Piotr Bogusz says
** LPP says its autumn collection got a favourable reception, as it reported a 20% year-on-year jump in constant-currency sales while maintaining a higher gross margin between August 1 and September 15
** LPP says it expects annual gross margin in a range of 56.5% to 57%, which J.P. Morgan says suggests an upside risk to consensus
** The shares are on track for their best day since March if the gains hold
(Reporting by Stefan Gardawski)
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