Raymond expects sales to pick up post lockdown

By

Maverick Martins

Published
Apr 9, 2020

Textile and apparel giant Raymond Ltd expects sales to pick up across all formats, once the lockdown imposed in the country due to coronavirus outbreak is lifted.
 

The company feels that the softening of commodity prices due to the Covid-19 pandemic will support the overall profitability during the current fiscal.
 
Raymond has also decided to keep its offline expansion plans on hold and plans to leverage e-commerce and omni-channel for effective inventory management.

“As we are all aware that due to the lockdown in the entire country, all our points of sales are shut impacting our business in the short term. However, we are confident that once the lockdown period is over, the sales would gradually pick up across various retail formats in the country," Raymond Group chief financial officer, Sanjay Bahl, told PTI.
 
"While there is a slump in demand due to the pandemic, commodity prices have softened which would support the overall profitability during the current fiscal. The month of May might witness some consumer promos as brands will try to make up for the lost sales," Bahl added.
 
The company had reported a net profit of Rs 175 crore ($23.1 million) with revenue of Rs 6,707 crore for the fiscal year 2018-19.
 
Raymond Ltd is one of India’s leading apparel brands and currently has a store count of 1,584 across all formats covering about 2.44 million square feet of retail space.