Fabindia net profit doubles to Rs 116 crore for FY19
today Oct 7, 2019
Ethnic lifestyle retailer Fabindia nearly doubled its net profit for the financial year 2018-19 reporting Rs 116 crore ($16.4 million) as against Rs 59 crore it had reported during the fiscal year 2018.
The sales revenue of the company also jumped 7 percent to Rs 1,148 crore for the year on the back of strong sales on premium merchandise across categories like apparel and personal-care items. Fabindia had reported revenue of Rs 1,060 crore for the fiscal year 2017-18.
Fabindia attributed the jump in profits and sales to the expansion of its new format experience centres across India. It had launched its first experience centre store in 2017 in Gurugram.
“We saw good overall recovery with many new initiatives yielding results. We are rapidly scaling our experience centres and these have helped increase store productivity and profitability,” Viney Singh, managing director at Fabindia, told the Economic Times.
“Our push behind fusion and western wear assortments and more on-trend styles has been very well received. Optimisation of cost structures after GST has also helped bring down costs,” he added.
Fabindia has earmarked an investment of Rs 100 crore on expansion of its experience centres as it aims to close the fiscal with 40 experience centres.
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