Arvind Fashions Q4 net loss narrows to Rs 99 crore
Arvind Fashions Ltd managed to narrow its consolidated net loss for the fourth quarter ended March 2021 to Rs 99 crore ($13.6 million), as against a net loss of Rs 208 crore reported in the year-ago period.
The company’s revenue for the quarter rose by 14 percent to Rs 769 crore, as against Rs 673 crore it had reported in the corresponding of previous fiscal.
Commenting on the results, Shailesh Chaturvedi, managing director and CEO of Arvind Fashions in a statement said: "We're very encouraged by the strong sales recovery in H2, for our six high conviction brands in the portfolio when Covid related lockdowns eased. This coupled with cost optimization efforts led to significant improvement in our profitability.”
“While the demand environment continues to stay volatile in the near term due to second wave of Covid, we're confident of medium-term outlook to scale up powerful brands in our portfolio through continued store expansion and digital and omni-channel presence,” he added.
Arvind Fashions is one of the leading fashion company which runs brands in India including Tommy Hilfiger, Sephora, and Calvin Klein, among others. The company had to exit several of its portfolio brands during the financial year 2020-21 including Hanes, Gap, and The Children’s Place, due to poor sales because of the Covid-19 pandemic.
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