March 16, 2020 / 6:32 AM / 19 days ago

BRIEF-Poland's LPP Sees Risk To Sales Amid Coronavirus Outbreak As Very High

March 16 (Reuters) - Poland’s biggest clothing retailer LPP :

* SAID ON SUNDAY THAT THE CORONAVIRUS OUTBREAK WILL HAVE A SIGNIFICANT, THOUGH IMPOSSIBLE TO ESTIMATE AT THE MOMENT, IMPACT ON THE COMPANY’S FUTURE RESULTS AND OPERATIONS

* SEES TWO MAIN RISKS, ONE RELATED TO SUPPLY CHAIN AND ANOTHER RELATED TO SALES OF ITS PRODUCTS

* SEES THE RISK RELATED TO SALES OF ITS PRODUCTS AS VERY HIGH

* IT HAS CLOSED ALL ITS SHOPS IN POLAND, THE CZECH REPUBLIC, SLOVAKIA, BULGARIA, KAZAKHSTAN, LITHUANIA, SLOVENIA, BOSNIA AND HERZEGOVINA AMID THE CLOSURE OF SHOPPING MALLS IN THOSE COUNTRIES

* IN OTHER COUNTRIES THE COMPANY IS OBSERVING SIGNIFICANT DECLINE IS SALES IN ITS STATIONARY STORES AND RISK OF CLOSING SHOPPING MALLS

* THE MEASURES TO LIMIT OPENING OF SHOPPING MALLS WILL HAVE NEGATIVE EFFECTS ON THE COMPANY’S FINANCIAL RESULTS

* AT THE SAME TIME THE COMPANY EXPECTS GROWTH OF ITS ONLINE SALES AND WILL CONTINUE AND EXPAND E-COMMERCE ACTIVITIES

* SEES RISK RELATED TO SUPPLY CHAIN AS LOW, GIVEN THAT THE CHINESE SUPPLIERS HAVE RESTARTED THE PRODUCTION

* SAYS ITS ENTIRE SPRING-SUMMER 2020 COLLECTION IS EITHER IN ITS WAREHOUSES OR ON ITS WAY THERE

Source text for Eikon:

Further company coverage: (Gdansk Newsroom)

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