GDANSK (Reuters) – Poland’s biggest fashion retailer LPP reported a 7% drop in its fourth-quarter net profit to 450 million zlotys ($117.55 million) on Thursday, missing analysts’ forecast by 70 million zlotys, as rising operational costs weighed on earnings despite strong online sales.
The share of selling, general and administrative costs (SG&A) in revenue rose to 41% in the quarter, versus 38% a year earlier, reflecting additional expansion costs and higher labour expenses, LPP said.
($1 = 3.8280 zlotys)
(Reporting by Marta Maciag; Editing by Milla Nissi)
Brought to you by www.srnnews.com
