"If it weren't so cold, the results could have been better. Spring/summer collections are out in our stores, and sales would have been higher in warm weather," Apranga CEO Rimantas Perveneckas told BNS.
However, Perveneckas said that the MG Baltic-controlled company sees its first-quarter results as good. The revenue growth was mostly affected by the particularly cold March, in which revenues edged up by an annual 1 percent to 39.3 million litas, he said.
The group's first-quarter sales in Lithuania increased by 9.4 percent, Latvian sales were up by 4.5 percent and Estonian sales were up by 18.3 percent. Perveneckas attributed the stronger growth in Estonia to its better economic situation.
"Our chain in Lithuania is about eight times larger, and growth is not that simple here. But overall, the situation in all Baltic countries is similar. The stronger growth in Estonia is apparently due to a slightly better situation in that country," he said.
First-quarter revenues in Lithuania alone came in at 76.7 million litas.
Apranga opened five new stores, closed one store, and overhauled two stores during the three months. Perveneckas said that investments in the new openings and renovation reached around 4.7 million litas. The group is planning to open or overhaul 15 to 17 stores in total this year.
Apranga currently owns a chain of 138 stores in the three Baltic countries: 90 in Lithuania, 36 in Latvia, and 12 in Estonia.
