Apranga earnings soar in Q1

  • 2007-05-09
  • By TBT staff,
VILNIUS - The Apranga Group, the Baltics' leading retailer of apparel, recently announced first quarter pretax earnings of 5.7 million litas (1.6 million euros), up fourfold compared with the same period in 2006. The result was facilitated by growing sales and effective business management, the group, which is owned by the MG Baltic conglomerate, said in a statement.

Sales amounted to 91.8 million litas in January-March, a surge of 58.6 percent from the previous year, which was in part boosted by the addition of five new stores since 2006.
In 2006, Apranga's consolidated net profit soared 95.9 percent to 17.4 million litas on sales of nearly 300 million litas.
The group has projected that sales would reach the 1 billion litas mark in 2010.
The clothing retailer targets a 50 percent growth to at least 31 million litas in pretax profits this year, with sales expected to rise by 38.7 percent to 415 million litas.

At a shareholders' meeting last week owners approved a placement of two-year bonds worth 20 million litas.
Apranga is quoted on Vilnius Stock Exchange. MG Baltic, one of Lithuania's biggest business conglomerates, controls a 52.5 percent stake in the Vilnius-based company via MG Baltic Investment, its investment arm.