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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
LPP
LPP (LPP) investor relations material
LPP Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 26/27 earnings summary17 Sep, 2026
Executive summary
Revenue for 1H 2026 reached PLN 12.0 billion, up 14.7% year-over-year, with Q2 growth accelerating to 18.4% YoY, driven by offline expansion and online recovery.
Sinsay led brand performance, accounting for 57% of sales and driving network expansion with 314 new stores in 1H 2026 and 230 in Q2; total group stores now exceed 4,000, including nearly 2,700 Sinsay locations.
Launched Sinsay marketplace in Poland in August/September 2026, focusing on quality, synergy, and new product categories, with over 100,000 products.
Operational efficiency improved with new fulfillment and distribution centers in Romania, replacing assets lost in a fire and supporting South-Eastern Europe growth.
Initiatives to boost Sinsay sales include collection adjustments, store remodeling, increased performance marketing, and omnichannel expansion.
Financial highlights
Q2 26/27 revenue reached PLN 6.6bn (+18% YoY), EBITDA PLN 1.7bn (+42% YoY), operating profit PLN 1.1bn (+57% YoY), and net profit PLN 768m (+48% YoY); H1 EBITDA was PLN 3,026 million (+41.9% YoY), EBIT PLN 1,815 million (+57.4% YoY), and net profit PLN 1,243 million (+55.6% YoY).
Gross profit margin improved by 4.0 pp YoY to 58.0% in H1 and by 3.7 pp YoY in Q2 to 57.7%, supported by favorable FX rates and lower freight costs.
Online sales rebounded to +16% YoY in Q2 after a weak Q1, with H1 online sales up 8.4% YoY to PLN 3.1 billion.
Inventory turnover improved to 157 days from 176 days YoY; inventory per m² fell 16.9% YoY.
Net debt/EBITDA improved to 1.0 from 1.3 YoY, with over PLN 1.8bn in operating cash flow.
Outlook and guidance
FY 2026 sales targeted at PLN 26–27 billion, with 15% YoY floorspace growth, mainly Sinsay; gross margin expected at ~56%, operating cost ratio at 40–41%, and capex at PLN 2.5 billion.
Medium-term targets for 2027: revenue PLN 30–31 billion, gross margin 55–56%, EBITDA margin 23–24%, net profit margin 9–10%, and capex PLN 2.0 billion.
CapEx guidance for 2026 remains at PLN 2.5 billion, with over half allocated to store openings and PLN 440 million to logistics in H1.
3Q outlook positive: autumn collection well received, sales up 20% YoY (constant currency), margin higher than last year.
Planned opening of approximately 450 new stores in 2H 2026 across all brands.
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Latest events from LPP
- Sinsay leads growth with rapid expansion, strong profitability, and ambitious digital and financial targets.LPP
Strategy update presentation - Double-digit growth, omnichannel strength, and Sinsay expansion fuel robust financial returns.LPPInvestor presentation
- Q1 revenue up 10.5%, net profit up 41.8%, and gross margin at a record 58.5% amid expansion.LPPQ1 26/27
- Record profits, Sinsay expansion, and strong margins support ambitious 2026 targets.LPPQ4 25/26
- Q3 profit and sales surged, led by Sinsay and e-commerce, despite a Russian write-off.LPPQ3 25/26
- Double-digit growth, strong Sinsay performance, and robust expansion drove 1H 2025 results.LPPQ2 25/26
- Q3 2024 revenue up 19.8% YoY, Sinsay leads, robust omnichannel and expansion outlook.LPPQ3 24/25
- Q2 revenue up 9.4% year-on-year, gross margin at 52.5%, and 2024 targets remain ambitious.LPPQ2 24/25
- Sinsay-led expansion drove 16% revenue growth, margin gains, and strong online performance.LPPQ4 24/25
Next LPP earnings date
Q3 26/273 Dec, 2026
LPP
Next LPP earnings date
Q3 26/273 Dec, 2026
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Frequently asked questions
LPP SA designs, manufactures, distributes and retails clothing for women, men and children. The company has a network of retail stores in South Africa and exports to Tanzania, Zambia, Botswana, Swaziland, Nigeria and Angola. Its portfolio includes several brands of international repute such as Mannequins, Fashion Network and its own label. The company was founded in 1989 and is headquartered in Gdansk, Poland.