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Polish fashion retailer CCC trims 2022 revenue target

(Reuters) -Polish fashion retailer CCC has trimmed its full-year revenue target because of uncertainty over consumer spending power, Chief Executive Marcin Czyczerski said on Friday.

The group now expects revenue to come in a range of 9 billion to 9.2 billion zlotys ($1.88 billion to $1.92 billion), compared with previous guidance of 9 billion to 10 billion zlotys.

Among initiatives to help the company ride out the current economic turmoil, CCC said it is seeking 310 million zlotys of cost savings while sharpening its focus on cash accumulation.

The company's commitment this year is to "navigate a period of high uncertainty", Czyczerski said.

CCC also reduced its capital expenditure plans for this year to between 420 million and 470 million zlotys, down from a previous guidance of 450 million to 500 million zlotys.

However, its gross margin target has been raised to 53-55% from 52-54%, it said without elaborating.

CCC reported third-quarter preliminary revenue up 18% at 2.42 billion zlotys thanks to growing online sales.

($1 = 4.7926 zlotys)

(Reporting by Anna PruchnickaEditing by David Goodman)