Notification on material event
Turnover of Apranga Group
Retail turnover (including VAT) of Apranga Group amounted to EUR 8.6 million in March 2020 and has decreased by 51.3% comparing to March 2019. In March 2020, the retail turnover of Apranga Group in Lithuania decreased by 57.8% year-to-year, in Latvia decreased by 35.6% and in Estonia decreased by 46.9%. Based on the Government act regarding quarantine declaration, since 16th March 2020 all Apranga Group stores in Lithuania are closed due to epidemic coronavirus (COVID-19) infection. Also, according to the resolution of the Government of the Republic of Estonia, all Group stores operating in shopping malls in Estonia are closed since 27th March 2020. Since 28th March 2020, stores in Latvia operating in shopping malls can no longer work on weekends. These temporary store closures accordingly affected the turnover generated by the Group.
The retail turnover (including VAT) of Apranga Group reached EUR 45.8 million in January through March 2020 or by 7.9% less than in 2019.
During 1st quarter 2020, Apranga Group opened 3 stores, renovated 4 stores and closed 5 stores.
Currently Apranga Group operates the chain of 184 stores (105 in Lithuania, 51 in Latvia and 28 in Estonia) covering the gross area of 93.3 thousand sq. m., or by 15.6% more than a year ago.
Apranga APB Management Board has not reviewed yet the turnover and expansion plans for 2020 announced on 28 November 2019. However, assuming that stores will not operate (in Latvia – operations will be limited) until 1st June 2020, it is likely that the Group's turnover could be 30-35% lower than previously planned.
The Group no longer plans to publish monthly sales results until the start of operations currently temporary closed stores.
„Apranga“ Group General Manager
+370 5 2390801