Brief: VRG Q2 Net Profit Up At 23 Mln Zlotys

VRG SA

26/08/2021 07:12

Aug 26 (Reuters) - VRG SA  VRGP.WA :
    * REPORTS Q2 NET PROFIT 23.0 MILLION ZLOTYS VERSUS 0.2
MILLION
ZLOTYS YEAR AGO
    * Q2 REVENUE 244.0 MILLION ZLOTYS VERSUS 174.9 MILLION
ZLOTYS YEAR
AGO
    * Q2 OPERATING PROFIT 16.7 MILLION ZLOTYS VERSUS LOSS OF
10.4
MILLION ZLOTYS YEAR AGO
    * Q2 GROSS MARGIN AT 55.6% VERSUS 45.7%
    * AT END OF H1 RETAIL SPACE DROPPED BY 0.6% Y/Y TO 52,400
SQM
    * BASED ON SALES RESULTS FOR MAY-JULY COMPANY NOTES HIGHER
GROWTH
OF SALES AND QUICKER RETURN OF CUSTOMERS TO SHOPPING MALLS
COMPARED TO WHEN STORES REOPENED IN MAY 2020
    * POSITIVE EFFECT ON REVENUE CONTINUES IN CURRENT MONTH WITH
AUG
1-21 SALES UP 27% Y/Y
    * SALES GROWTH MAY CONTINUE IN UPCOMING MONTHS AND FY
REVENUE
SHOULD BY HIGHER THAN IN 2020
    * ASSUMES IMPROVEMENT OF GROSS MARGIN Y/Y DUE TO CONTINUED
GROWTH
IN ASIAN SOURCING, COMMON SUPPLIER POLICY AND LOWER INTENSITY OF
PROMOTIONAL ACTIVITY, NOTICABLE ALREADY IN PREVIOUS MONTHS
    * DOES NOT ASSUME CONSIDERABLE CHANGES IN TERMS OF NET
RETAIL
SPACE VERSUS FIGURE AT END-2020, BUT PLANS 6% GROWTH FOR JEWELER
SEGMENT
    * ESTIMATES ONLINE SALES MAY AMOUNT TO OVER 20% OF TOTAL
SALES IN
2021

    
    
 Source text for Eikon:  urn:newsml:reuters.com:*:nEM5L1ZJba
    
 Further company coverage:  VRGP.WA  
   


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