Arvind Fashions reports Q4 net loss of Rs 208 crore
Arvind Fashions Ltd (AFL) reported a consolidated net loss of Rs 208 crore ($27.73 million) for the quarter ended March 2020, as against a net profit of Rs 21 crore it posted a year ago, due to the Covid-19 outbreak and subsequent disruptions in the market.
The company’s revenue for the quarter was down 39 percent to Rs 710 crore, as against Rs 1,169 crore in the corresponding quarter a year ago.
For the fiscal year 2019-20, the company reported a net loss of Rs 399 crore as against a net profit of Rs 21 crore in the previous fiscal, while its revenue declined 17 percent to Rs 3,866 crore as compared with Rs 4,644 crore in 2018-19.
Commenting on the results, J Suresh, managing director and CEO of Arvind Fashions, in a statement said: “Completion of key strategic steps during the year has lent fundamental strength to our business. While Covid-19 has been an unprecedented event that has significantly impacted the entire retail industry, as a leading casual wear company with a portfolio of brands with leading market positions and key capabilities in digital and omni-channel, we expect to gain market share as the business gets back to normal.”
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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