WARSAW (Reuters) – Poland’s largest fashion retailer LPP said its revenue could increase by more than 20% year-on-year in the third quarter, in an upbeat outlook that coincided with unexpectedly weak official data on the country’s retail sales.
Polish retail sales fell 3.0% year on year in September, statistics office data showed on Tuesday, which analysts attributed to slowing real income growth and last month’s floods knocking consumer optimism.
“Yesterday’s data was actually a bit surprising… because what we see in August, September and also after most of October is in a completely different direction,” LPP Financial Director Marcin Bojko told journalists.
LPP’s third quarter runs from August to October.
Bojko said the company was also optimistic about the fourth quarter.
LPP’s shares were up 1.8% at 1431 GMT.
In September, LPP confirmed its full-year revenue target of 20-21 billion zlotys ($4.96-5.21 billion).
($1 = 4.0307 zlotys)
(Reporting by Anna Koper, writing by Alan Charlish. Editing by Jane Merriman)
