Aditya Birla Fashion and Retail reported a consolidated net loss of Rs 162 crore ($20.1 million) for the June quarter, as against a profit of Rs 94 crore in the same quarter of the previous financial year.
The company’s revenue for the quarter rose by 11 percent to Rs 3,196 crore, as against Rs 2,875 crore in the year-ago quarter.
The growth in quarterly revenue was driven by a strong pick-up in new businesses and consistent performance from established businesses, despite challenging market conditions.
During the quarter, ABFRL’s branded business network added 28 stores on a net basis in Q1. Its ethnic business added 12 stores to the network while Pantaloons added 3 stores.
“The company anticipates a rebound in discretionary spend with the onset of the festive season, propelling its growth trajectory further in the second half. We remain focused on pursuing our long-term strategic agenda through expansion into newer markets, diversification across various segments and categories.” ABFRL said in a statement.
“With a positive outlook on the growth prospects of both the Indian economy and the fashion apparel sector, the company said it is determined to leverage its robust brand portfolio to drive consistent, sustainable growth,” it added.
ABFRL, a part of the Aditya Birla conglomerate is engaged in retailing of branded products within the apparel, footwear, and accessories segment through its retail stores, online retail platforms and e-commerce marketplaces.
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