Wittchen post strong profits

Wittchen, one of the largest domestic producer of luxury leathergoods, posted a Z2.1 million net profit, despite a Z1.2 million drop in revenues, which fell to Z1.4 million largely as the result of theft. 'In September 2003, 45,000 gloves were stolen', said Monika Mirecka, the company's sales and marketing director. 'This was a large shock for the company as the goods were contracted and budgeted. Luckily in January 2004, we managed to recover some of the stolen stock and the turnover was larger than anticipated. The company plan to post Z1.3 million profit for 2005 and forecast a 10% increase in revenue. The firm will also gradually expand their network of stores to 20-25 outlets. 'We plan to expand exports to the western European markets', Mirecka revealed. Source: Warsaw Business Journal