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Poland’s largest fashion retailer, LPP, announced a 7% decline in its fourth-quarter net profit, totaling 450 million zlotys ($117.55 million). The result fell short of analysts’ expectations by 70 million zlotys. The company attributed the drop to increasing operational costs, which affected earnings despite strong online sales performance.
LPP also reported a rise in its selling, general, and administrative costs (SG&A), which accounted for 41% of revenue in the quarter, up from 38% the previous year. This increase reflects higher expansion costs and rising labor expenses.
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