Leading Polish retail chain LPP on Tuesday posted a 60 per cent jump in first quarter net profit to $740,000 from the year-ago period and said it plans to expand its overseas operations.

The operator of 27 stores throughout Poland said sales rose 40 per cent to $13 million with clothing sales up 267 per cent to $4.3m in the period compared to 2001.

It added it plans to open a further 14 stores by the end of this year and intends setting up retail outlets in several European cities including Moscow, Budapest and Riga.

LPP president, Marek Piechocki, said: "LPP is one of a small number of firms that considered 2001 a successful year, and it seems that 2002 will be even better, which can seen from our first-quarter financial results."