Utenos Trikotazas AB
AB ,,Utenos trikotažas” sales for the II quarter of 2011 less 10, 4 %
Utenos Trikotazas AB 29.07.2011 12:03 --------------------------------------------------------------------------- AB 'Utenos trikotažas' sales for the II quarter of 2011 reached LTL 14.1 million (EUR 4.1 million), 10.4 % less than during the same period in 2010. The company sales for the first half of 2011 reached LTL 29.1 million (EUR 8.4 million), 3.4 % less than during the same period in 2010. Consolidated Group sales for the II quarter of 2011 reached LTL 16.2 million (EUR 4.7 million), 10.8 % less than during the same period in 2010. Consolidated group sales for the first half of 2011 reached LTL 34 million (EUR 9.8 million), 3.6% less than during the same period in 2010. 'High cotton prices had significant impact to company's results. Since mid 2010 rising cotton prices peaked in February 2011 triggered sharp increase of cotton apparel costs. European retail chains reacted by increasing the prices to the end consumers and losing some sales therefore, or by absorbing higher costs themselves keeping consumer prices unchanged and shifting towards apparel made from other fabrics instead of cotton. As a result, we experienced sharp decrease of demand for garments made from cotton which was the key reason behind lower revenues in the second quarter of 2010. Recent downward trend in cotton prices will likely return an equilibrium to markets by the end of the year. It is important to note that the clients demanding high quality and value added, ecological products make majority of our export revenues already and continue to grow. Increasing revenues from higher value added products partially offset declining sales of basic, lower value added products. We continue building sales of our branded Rokas, Gunda or Eko product lines on domestic market which contributes approximately one tenth of our revenues. In April we launched new collection which is successfully selling through Apranga and Miglė retail chains, larger Maxima stores and our retail partners' network in Lithuania. Consumers value our products for quality, reliability and natural feel. This autumn we will introduce another underwear and sleepwear collection for cold season which we hope will satisfy our most demanding consumers.' - says the General Manager of the company Utenos trikotažas Nerijus Vilūnas. For more information please contact Mr. Nerijus Vilūnas, Managing Director of AB 'Utenos trikotažas', tel No. 8 389 51445. I, the undersigned, confirm that the above information is complete and true. Managing Director AB 'Utenos trikotažas' Nerijus Vilūnas 29.07.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Utenos Trikotazas AB Lithuania Phone: Fax: E-mail: Internet: ISIN: LT0000109324 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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