Arvind Fashions reports Q2 net loss of Rs 45 crore
today Oct 24, 2019
Arvind Fashions Ltd witnessed a slowdown in sales for the second quarter ended September 30 resulting in a net loss of Rs 45 crore ($6.4 million). The company had reported a net profit of Rs 7 crore in the year-ago period.
The company’s revenue for the quarter dropped to Rs 1,119 crore as compared to Rs 1,209 crore it had reported in the July-September period last year.
Arvind Fashions attributed the loss and drop in sales to the ongoing consumption slowdown in the country.
The company, however, continues to remain optimistic about the future and will continue with the expansion of its retail presence and online channels.
Commenting on the results, Arvind Fashions managing director and CEO J Suresh in a statement said, "We are on track on our strategic decision to exit non-strategic brands and alignment between primary and secondary sales. Brand exits will be completed in Q3. This had a short-term impact on our performance, but it augurs extremely well for the long-term health of our business. The external environment continues to remain volatile, but we remain optimistic about our future given our inherent strengths.”
"We continue to remain optimistic about the future of our business as we take necessary actions to make the company future-ready with the right capabilities and fit for profitable growth," he added.
Arvind Fashions Ltd retails brands like Calvin Klein, Tommy Hilfiger, and Gap in India.
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