Europe's Apranga Group posts 10.7% rise in retail turnover in 9M FY23

27 Oct '23

2 min read

Pic: Apranga

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Europe-based fashion retailer Apranga Group reported a 10.7 per cent increase in retail turnover to €231.2 million for 9M FY23.
The company also saw a rise in unaudited consolidated profit to €15.8 million.
Based on strong performance, the group revised its 2023 targets, aiming for a turnover of €323 million and planning to open or renovate 20 stores.

Apranga Group, a leading fashion retailer in the Baltic States, has reported a retail turnover increase of 10.7 per cent to €231.2 million in the first nine months of fiscal 2023 (9M FY23), compared to the same period in FY22. Its unaudited consolidated profit before income tax for the period amounted to €15.8 million, up from €13.5 million during the corresponding months last year.

The company's EBITDA reached €31 million, showing a 9.5 per cent increase compared to the same period in 2022. The gross margin notably climbed to 46.1 per cent, propelled by a reduction in the cost of goods for some brands starting from the fall-winter 2022 season, even as royalty rates increased, the company said in a press release.

Apranga Group's online sales grew by 10.9 per cent during the nine months, maintaining its share at 11.4 per cent of the total turnover, the same level as the previous year. It should be noted that the online turnover in FY21 was significantly higher due to the temporary closure of physical stores caused by COVID-19 restrictions.

During the first nine months of FY23, the group opened five new stores and renovated seven others. Among the renovated outlets, four were expanded and three were relocated to different shopping malls. Meanwhile, nine stores were closed.

Based on these positive results, Apranga Group has revised its operational plans for FY23. The company now aims for a turnover of €323 million, marking a 10 per cent increase over its FY22 turnover. The group also plans to renovate or open 20 new stores, with a net investment of about €9 million.

Fibre2Fashion News Desk (DP)

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