European firm Apranga Group's retail turnover surges 9.5% in H1 FY24

Europe-based fashion retailer Apranga Group has reported a retail turnover of reached €161.6 million (approximately $175.69 million) in the first half of fiscal 2024 (H1 FY24), marking a 9.5 per cent increase compared to the corresponding period in FY23.

The unaudited consolidated profit before income tax for Apranga Group stood at €9.1 million in H1 FY24, slightly up from €9 million in the same period last year. The group's EBITDA also saw an improvement, reaching €19.6 million in the first six months of FY24, compared to €18.9 million in the same period of 2023, reflecting a growth of 3.4 per cent. However, the EBITDA margin experienced a decline, falling from 15.4 per cent to 14.5 per cent over the year, the company said in a press release.

Despite the positive financial results, Apranga Group faced a slight decrease in its gross profit margin, which dropped from 45.9 per cent in H1 FY23 to 45.3 per cent in H1 FY24. The group's operating expenses totalled €51.5 million in the first half of FY24, representing a 9.5 per cent increase compared to the same period in 2023. This increase in expenses was in line with the sales growth of 9.7 per cent.

In terms of expansion, Apranga Group continued to enhance its retail presence. During H1 FY24, the group opened two new stores, reconstructed seven stores, and closed two stores. The net capital expenditure for retail chain expansion, renovation, and modernisation amounted to €3.5 million.

Fibre2Fashion News Desk (DP)