Luggage and accessories maker Brand Concepts Ltd reported a 44 percent decline in net profit to Rs 2 crore ($2,38,193) for the April-June quarter, as against Rs 3 crore in the year-ago period.
The company’s revenue for the quarter rose by 19 percent to Rs 69 crore, as against Rs 58 crore in the corresponding quarter of the previous fiscal year.
Commenting on the performance, Abhinav Kumar, CEO of Brand Concepts in a statement said, “We have portrayed strong revenue growth of +19% both YoY and QoQ, in an otherwise docile quarter for the industry. Lower EBITDA growth of 13.3% YoY was mainly due to softer same store-sales-growth while expenses increased, and incomplete pass on effect of higher royalty on old inventory.”
“Our recent signing of Juicy Couture (with ABG Group) in the women’s handbag and other key categories, adds to our growing portfolio of sought after quality fashion brands, filling our product gaps and increasing our offerings at different price points across multiple channels. We continue to be focused on our growth and expanding our reach and offerings,” he added.
Brand Concepts Ltd is an omnichannel is fashion and lifestyle retailer with licenses for brands like Tommy Hilfiger, Aeropostale, and United Colors of Benetton. Its private label brands include Sugarush and The Vertical.
Copyright © 2024 FashionNetwork.com All rights reserved.
