Arvind Fashions reports Q1 net loss of Rs 95 crore

Arvind Fashions Limited reported a net loss of 95 crore ($13.4 million) for the first quarter ended June 30, as against a net loss of Rs 15 crore it had reported in the April-June quarter a year ago.
Arvind Fashions reports Q1 net loss of Rs 95 crore - Arvind Limited

Arvind Fashions revenue for the quarter was down to Rs 901 crore, as against Rs 1,007 crore it had reported in the corresponding quarter of the previous financial year. The company’s expenses for the quarter were Rs 1,046 crore.
The company attributed the loss to strategic decisions and slowdown in consumption. However, it said that the results are not comparable with the previous fiscal year, due to the scheme of arrangement for demerger of branded apparel undertaking of Arvind Ltd to Arvind Fashions Ltd.
Commenting on the results Arvind Fashions managing director and CEO J Suresh in a statement said: "We have taken few strategic decisions during the quarter that had a negative impact on the reported quarterly financial results, but it will set us up for consistent growth going forward. There is, indeed, a slowdown in consumption that is impacting the economy."
On the outlook, it said: “We continue to remain optimistic about the future of our business as we take necessary actions to make the company future-ready with right capabilities and fit for profitable growth.”
Arvind Fashions Ltd made its market debut last month following a demerger from its parent firm Arvind Ltd. The company retails brands like Calvin Klein, Tommy Hilfiger, and Gap in India.

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