ABFRL reports Q2 net loss of 2 crore
Aditya Birla Fashion Retail Limited reported a net loss of Rs 2 crore ($2,78,699) for the second quarter ended September 2019 as against a net profit of Rs 43 crore it had reported in the year-ago period.
The company’s revenue for the quarter rose 15 percent to Rs 2,308 crore, against Rs 2,007 crore in the corresponding quarter last year.
The earnings before interest, tax, depreciation, and amortization for the quarter grew by 137 percent to Rs 339 crore from Rs 143 crore it had reported in the previous fiscal.
The company’s Madura segment, which has lifestyle brands like Louis Philippe, Van Heusen, Allen Solly, and Peter England, grew by 16 percent, while its fast fashion brands Forever 21 and People grew by 15 percent.
ABFRL’s innerwear business also witnessed strong growth on the back of its retail expansion, while its Pantaloons division recorded 16 percent growth, despite the ongoing slowdown in the market.
"We have shown all-round improvement amidst reluctantly tough times. A combination of geographical expansion, product portfolio expansion, category innovation and increased advertising spend drove the sales,” in a statement said Ashish Dikshit managing director of ABFRL.
Aditya Birla Fashion and Retail is India's largest fashion company. It ended the quarter with a network of 2,875 stores, 22,000 multi-brand outlets and 5,400 points of sales in department stores across India.
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