LPP, Poland’s largest fashion retailer, has announced a noteworthy increase in its net profit for the full year. The company’s net profit surged by nearly 15% compared to the previous year, reaching an impressive 1.10 billion zlotys ($265.27 million). This financial success can be attributed to the opening of new stores and strong like-for-like sales.

Additionally, LPP experienced a significant boost in revenues, with a staggering 40% surge to 15.93 billion zlotys. Their earnings before interest and taxes (EBIT) also saw a rise, climbing from 1.13 billion zlotys in the previous year to 1.46 billion zlotys. These outstanding results highlight LPP’s effective business strategy and the growing demand for their fashion products.

A key factor behind LPP’s achievements is their impressive like-for-like sales growth, which increased by 17% compared to the previous year. All of the company’s brands witnessed double-digit sales growth, showcasing the appeal and popularity of LPP’s fashion offerings among consumers.

Despite its overall success, LPP experienced a decline in its full-year gross sales margin, dropping from 57.2% to 51.1%. This decrease was primarily attributed to limited sales ability in high-margin markets like Russia and Ukraine. Nevertheless, LPP’s financial performance remained sturdy.

In terms of store count, LPP saw a decrease of 13% to 1,962 units by the end of the 2022/23 financial year. This decline was mainly due to the closure of its Russian unit. However, the number of stores with ongoing business activity increased by 19.8%, primarily driven by the intensive openings of the Sinsay brand.

Looking forward, LPP maintains a positive outlook on its future prospects. The company intends to propose a full-year dividend of 430 zlotys per share to its shareholders. With their strong financial performance and strategic initiatives, LPP is in a favorable position to continue growing and maintain its prominent position in the Polish fashion retail market.

Useful links:
– [LPP Official Website](https://www.lppsa.com/en)
– [LPP Investor Relations](https://ir.lppsa.com/home)