Lithuania’s Apranga opens first Aldo store in Baltics

“Aldo is one of the fastest-growing shoe and accessory chains worldwide. The brand is actively expanding in Europe, it has recently opened stores in the Czech Republic, Croatia, Bulgaria, is expanding its chain in England. I think it should stand out on Lithuania’s footwear market,” Rimantas Perveneckas, Apranga CEO, said in a press release.

He told BNS that the company was investing approximately 345,000 litas (EUR 100,000) in each store. The first store has the area of 120 square meters.

The group plans to open about 15 Aldo stores in Lithuania, Latvia and Estonia within the next five years. The chain is being developed under a franchise contract signed in August 2011.

Apranga will open or refurbish a total of eight stores in Lithuania and Latvia in March.

“We see signs of market recovery in all three Baltic countries. We invest in the upgrade of the chain, enhancement of the company’s competitiveness and develop the brands, which, in our view, have potential in all three Baltic countries. Moreover, we monitor the European and American markets, new emerging brands in various segments constantly,” Perveneckas said.

Apranga reported earlier this month that its total sales for the first two months of the year rose by 20.8 percent year-on-year to 69.3 million litas (EUR 20 mln).

Sales in February alone increased by 15.5 percent from a year ago to 28.6 million litas.

Apranga posted 24.665 million litas in consolidated net profits for the full year 2011, almost a two-fold increase from 13.337 million litas in 2010.

The group's consolidated pre-tax earnings soared by 84.3 percent to 29.6 million litas.

Apranga is quoted on the blue-chip Main List of the NASDAQ OMX Vilnius stock exchange. The Vilnius-based company is majority owned by MG Baltic.