Arvind Fashions Q2 net loss widens to Rs 218 crore
Arvind Fashions Limited (AFL) net loss for the second quarter ended September widened to Rs 218 crore ($29.3 million), as against a net loss of Rs 46 crore it had reported in the year-ago period.
The company’s revenue for the quarter was down 56 percent to Rs 464 crore, as against revenue of Rs 1056 crore it had posted in the corresponding period last year.
AFL continues to remain optimistic about the future, as its revenue for the quarter more than trebled over the first quarter, led by the gradual opening of stores along with improved footfalls across stores.
Commenting on the Q2 results, J Suresh, CEO of AFL, in a statement said: “While Covid-related concerns persist, we have witnessed business recovery during the quarter, with improved footfalls and trend line across our channels. Our investments in digital and omni-channel capabilities are driving robust growth in our online sales.”
“With our cost-saving measures along with sharper working capital control and sales recovery trajectory, we expect to achieve EBITDA positive in H2 FY21,” he added.
AFL has a strong portfolio of fashion brands both international and indigenous, which includes U.S. Polo Assn., Arrow, Gap, Tommy Hilfiger, Calvin Klein, and Sephora. It currently has a network of 1,290 stores across India.
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