AS Baltika, the third-largest Baltic clothing retailer, posted a wider first-quarter loss as revenue growth slowed more than expected in March, Ukraine’s currency weakened and the company reported one-time costs.
The net loss widened to 2.4 million euros ($3.5 million) from 2 million euros a year earlier, the Tallinn, Estonia-based company said today in a regulatory statement. Revenue rose 6.6 percent to 11.7 million euros.
“Considerably smaller sales of high-margin products, the weakening of the Ukrainian hryvnia against the euro and some non-recurring expenses of around 160,000 euros caused a result that was atypically poor for March, remaining 500,000 euros below target,” Baltika said.
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