Revenue growth was strongest in Western Europe, where they grew by 84% y/y, mostly on account of takeover of Starbuck cafes in Germany. Sales in Russia were up by 34% and in the CEE by 19%.
EBITDA for the quarter was at almost PLN 152 mln, up from PLN 115 mln in Q4 2015.
DM MBANK BROKERAGE ANALYST PIOTR BOGUSZ (e-mailed daily market note)
We assess the results positively. The company is recording increased sales efficiency on most key markets, which allows it to mitigate the negative effect of growing personnel costs. Russia, Spain and other CEE segments recorded a significant results improvement.
The company sported a record-high growth of its network (275 locations) and wants to accelerate openings in 2017 (at least 200 openings via organic growth and M&A). We maintain our positive approach to the company.
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