Raymond Ltd’s Q1 net loss widens to Rs 248 crore
Raymond Ltd’s consolidated net loss for the first quarter ended June 2020 widened to Rs 248 crore ($33.8 million), as against a net loss of Rs 12 crore during the April-June quarter of the previous fiscal.
The company’s revenue for the quarter was severely impacted due to Covid-19 and subsequent lockdowns plummeting 89 percent to Rs 163 crore, as against Rs 1,435 crore in the corresponding period of the previous fiscal.
Despite the Covid-19 disruptions, Raymond remains optimistic about the future and expects strong sales during the upcoming festive season. The company has reopened 95 percent of store network across India.
Commenting on the performance, Raymond chairman and managing director, Gautam Hari Singhania in a statement said: "Raymond's expansive retail network remains key to the business and it is re-assuring to see that over 95 percent of our retail stores are now operational. While tiding through the tough times, managing effective cash flows through significant cost reduction coupled with maintaining liquidity levels and debt reduction have been the highlights of the quarter.
“With the ease in restrictions now, the company is witnessing that consumer sentiment is gradually picking up across the country. As we move closer to the festive and wedding season, it is expected that the increased consumer spending will bring in the much-needed recovery,” Singhania added.
Raymond Ltd is one of India’s leading apparel brands and currently has a store count of 1,584 across all formats.
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