August 30, 2017 / 1:59 PM / 3 months ago

Polish retailer Dino sees 2017 sales and capex rising

WARSAW, Aug 30 (Reuters) - Polish retail chain Dino , which debuted on the Warsaw bourse earlier this year, expects sales and investments to rise this year as it opens new stores, its CEO said on Wednesday.

Dino reported on Tuesday a 23 percent increase in net profit on sales up 34 percent in the second quarter, sending its shares 4 percent higher on Wednesday.

“We would like to maintain the positive trend of sales growth dynamics,” Chief Executive Szymon Piduch told Reuters in a telephone interview, adding that rising inflation supported Dino’s like-for like sale.

Dino, which debuted on the Warsaw Stock Exchange in April in one of the biggest share offers of the past few years, sees its capital expenditure increasing in 2018 from an estimated 450-500 million zlotys this year and 382 million last year.

Piduch declined to give more details on spending plans.

Dino, whose shops are mainly in western Poland, plans to increase its number of stores from 677 at the end of June, as it takes advantage of a boost in Polish retail spending from the conservative government’s child benefit payments.

“In 2017, we want to open more stores than in 2016, when we added 123 of them,” Piduch said.

He said Dino was unlikely to pay out a dividend from 2017 profit as it needs cash for investments. (Writing by Agnieszka Barteczko; Editing by Lidia Kelly and Mark Potter)

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