Polish fashion retailer LPP's Q3 profit misses forecasts, as labour costs rise (updated)

LPP SA

11/12/2024 16:56

(Adds comment from LPP on expenses in paragraphs 3,4)
       Dec 11 (Reuters) - Poland's biggest fashion retailer LPP
 LPPP.WA  on Thursday reported third-quarter profit that missed
analysts' forecasts as rising labour costs in the region hurt
margins.
    Net profit in the third quarter came in at 579 million
zlotys  ($142.38 million) against analyst forecasts of 632
million zlotys.
   Selling, general, and administrative expenses (SG&A) per
square meter rose 10.6% to 317 million zlotys versus 287 million
zlotys a year earlier.
    LPP said in its earnings presentation the rise is mainly due
to higher salary costs in traditional stores and new store
openings.  
 
($1 = 4.0666 zlotys)

 (Reporting by Marta Maciag. Editing by Jane Merriman, Alexandra
Hudson)
 ((Marta.Maciag@thomsonreuters.com;))