Page Industries reports Q1 net loss of Rs 40 crore
Page Industries reported a net loss of Rs 40 crore ($5.5 million) in the first quarter ended June 2020, as against a net profit of Rs 111 crore it reported in the corresponding period a year ago.
The company’s revenue for the quarter under review plummeted 66 percent to Rs 285 crore, due to the Covid-19 lockdowns.
Despite the slowdown, Page Industries remains optimistic about the future as it has reopened 80 percent of its multi-brand outlets, 96 percent of exclusive brand outlets (EBOs), and 90 percent of large format stores across the country.
Commenting on the Q1 performance, Sunder Genomal, managing director of Page Industries, in a statement said: "While this quarter saw a significant impact of the Covid-19 lockdowns, the operations partially resumed from May. We are witnessing an increasing trend of sales with greater demand in e-commerce and athleisure product category. We continue to remain confident of the medium term given our strong business model, product portfolio and healthy balance sheet.
"There is a huge potential market for all our product categories. We have always continued to invest in our brands, both online and offline, as well as at point-of-sale. In addition to our strong business presence and robust balance sheet, we continue to strengthen the business across all facets. Overall, we remain very optimistic for the future and continue to strive to generate and deliver financial and non-financial value for all our stakeholders," he added.
Page Industries is the exclusive licensee of Jockey International Inc and Speedo International Ltd in India. The company has over 750 exclusive-brand outlets for Jockey and around 40 outlets for Speedo, spread across 150 cities in India.
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