Aditya Birla Fashion and Retail posts Q4 net loss of Rs 187 crore
Aditya Birla Fashion and Retail (ABFRL) reported a consolidated net loss of Rs 187 crore ($22.6 million) for the March quarter, as against a net profit of Rs 44 crore in the year-ago period.
The company’s revenue from operation for the quarter rose by 26 percent to Rs 2,880 crore as compared to Rs 2,283 crore posted in Q4 of the previous fiscal year.
The company’s total expenses during the quarter rose to Rs 3,177 crore as compared to Rs 2,266 crore in the same quarter of the previous fiscal.
“Growth in quarterly revenue was propelled by robust retail like-to-like sales across businesses, accelerated omnichannel play and network expansion as the company added 500 plus stores in the last one year. Net profit for the quarter were impacted due to negative operating leverage on the back of sluggish sales. The increase in marketing spends and continued investments in TMRW also impacted profitability in the quarter,” ABFRL said in a statement.
“As the economic situation recovers, the company remains focused on its clearly articulated strategy of building strong, timeless brands and managing the businesses with flexibility and agility,” it added.
ABFRL has a network of 3,977 stores across approximately 33,535 multi-brand outlets with 6,723 points of sales in department stores across India.
The company has long term exclusive partnerships with select brands such as Ralph Lauren, Hackett London, Ted Baker, Fred Perry, Forever 21, American Eagle, Reebok, and Galeries Lafayette for the Indian market.
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