Arvind Fashions reports Q1 net loss of Rs 213 crore
Arvind Fashions Ltd (AFL) reported a consolidated net loss of Rs 213 crore ($29.1 million) for the first quarter ended June 30, 2020, as against a net loss of Rs 95 crore it had reported in the year-ago period.
The company’s revenue for the quarter under review was down to Rs 104 crore, as against Rs 901 crore it had reported in the corresponding period last year, due to complete closure in April and May.
Commenting on the results, Arvind Fashions, CEO J Suresh, in a statement said: “This quarter was challenging for business operations with near-complete closure in April and May. While Covid had a significant impact on the financial performance, we have utilised the opportunity provided by this disruption to reshape our business through increased investments in upgrading our digital capabilities along with significant cost optimisation and multiple actions to control gross working capital.
“During this tough time, the company has pursued strategic initiatives around capability building, cost restructuring, cash conservation, and strengthening the balance sheet, apart from focusing on the restart and ramp-up of the operations and ensuring the safety of its employees and customers,” he added.
Arvind Fashions has currently opened up 80 percent of its stores and managed to generate 46 percent sales, compared to the same month last year.
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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