LPP’s consolidated revenues (i.e. including Artman) came in at PLN 196m for July 2009, up 16% y/y on a pro forma basis. Cumulative revenues came in at PLN 1,140m for the period January-July 2009, up 14% y/y on a pro forma basis.
The monthly performance should not be a surprise for the market and we expect a neutral trading impact. It is hard to judge same-store sales in July due to network expansion, higher markdowns and lack of Mohito brand’s revenues in base period. However as consumer demand continues to remain fragile same-store sales should be around 0% or slightly negative in our opinion.