Aditya Birla Retail posts 21% sales growth
Aditya Birla Retail has reported a 21% increase in sales for the financial year ended March 2016.
The retail arm of the Aditya Birla Group posted Rs 3,509 crore in sales for the year ended March 2016, while the loss widened to Rs 649 crore, according to company filings with the Registrar of Companies last week.
Aditya Birla Retail had debt of about Rs 5,936 crore, while finance costs were Rs 417 crore during the year.
ABRL said it expects to become profitable at the company level by next year.
“We had strong double-digit, like-to-like growth based on various initiatives focused on the consumer experience, both in terms of assortment and service. “ABRL is already profitable at the store level,” said a company spokesperson in an Economic Times report
The group restructured its retail business by carving out the apparel-making Madura Fashion & Lifestyle division from Aditya Birla Nuvo and merging it with listed loss-making Pantaloon Fashion and Retail.
This created the country’s largest branded apparel company by sales and number of stores.
Aditya Birla Group is by far the market leader with brands such as Allen Solly and Van Heusen.
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