Apranga Group interim report for three months of 2020
The retail turnover (including VAT) of Apranga Group reached EUR 45.8 million in 1st quarter 2020 or by 7.9% less than in 2019.
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 had a significant impact on the Group's generated turnover, earned profit and, accordingly, financial ratios for the first quarter of 2020. Management estimates that due to the COVID-19 pandemic and the temporary closure of stores, the Group lost about EUR 10 million of turnover (including VAT), did not receive about EUR 4 million of gross profit and did not earn about 2.5 million of profit before income tax in March alone.
The unaudited consolidated loss before income tax of Apranga Group amounted to EUR 2.2 million in 3 months 2020, while Apranga Group has made the loss of EUR 0.8 million in the same period of 2019.
EBITDA of Apranga Group reached EUR 2.8 million in 3 months 2020, and it was EUR 3.8 million in corresponding the year 2019 period.
The unaudited interim consolidated financial statements of Apranga Group for three months of 2020, as well as managers’ confirmation letter are ready for acquaintance in the attachments. The interim information is also available at: .
Rimantas Perveneckas
Apranga Group General Manager
Attachments
