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Baltic clothes retail group Apranga group should raise 2017 profits 7.4 pct y/y - CEO

VILNIUS - Apranga , the largest Baltic clothing retailer controlled by MG Baltic concern, should increase its revenue by 7.4 percent this year from 2016, driven by growing salaries and consumption, says the group's CEO Rimantas Perveneckas.

"We have set plans for this year, stipulating a 7.4-percent increase in turnover, and we will want to reach it. We are not publish profit forecasts. We are rather dependent on weather condition, on the other hand, there are more challenges on the labor market," Perveneckas told BNS.

The Apranga group on Friday posted 4.272 million euros in profit in the first half of 2017, up by 11.4 percent year-on-year, while the group's revenue went up by an annual 7.1 percent to 80.757 million euros.

Apranga's retail sales in Lithuania increased by 7.3 percent to 47.882 million euros in the January-June period this year from the same period of 2016, while turnover in Latvia grew by 3.5 percent to 18.768 million euros and in Estonia by 11.4 percent to 14.107 million euros in the first half of 2017 year-on-year.

The group operates a chain of 182 stores in the three Baltic states, i.e., 105 in Li thuania, 47 in Latvia and 30 in Estonia.

Some 60.3 percent of Apranga's shares was owned by MG Baltic Investment, a holding of the MG Baltic concern of businessman Darius Mockus, in late June.

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