Aditya Birla Fashion revenue down 4.4%, reports Rs10 crore loss in Q2
Aditya Birla Fashion and Retail revenue was down 4.4 percent to Rs 1804 crore (approx $277.9 million) in the quarter ended September 2017, compared to Rs 1886 crore (approx $290.5 million) reported during the quarter of the previous year.
The firm reported a standalone net loss of Rs 10 crore (approx $1.6 million) for the quarter as against net profit of Rs 65 crore (approx $10.1 million) during the previous quarter of the last financial year.
“Q2FY18 has been impacted by GST rollout, transition issues and steep fall in consumer sentiment in July immediately post GST”, the company said in a Bombay Stock Exchange (BSE) filing.
The company further said that their end of season sales in June due to the GST rollout impacted the Q2 sales as majority of the customers preferred shopping before GST due to the ambiguity over taxes on apparels which impacted July sales.
However, the company said that sales recovered in the following months with September recording strong sales due to onset of the festive season.
The company also said that it will be launching two international brands in this financial year. Ted Baker will be launched in the next quarter while American Eagle will be launched in the fourth quarter.
The company said that it added 30 stores of India’s largest apparel retail chains Pantaloons in Q2FY18.
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