Go Fashion India Ltd witnessed a 12 percent decline in net profit to Rs 13 crore ($1.6 million) for the fourth quarter ended March, as against Rs 14 crore in the year-ago period.
The company’s revenue for the quarter increased by 15 percent to Rs 182 crore, as against Rs 158 crore reported in the corresponding period of the previous fiscal year.
Commenting on the results, Gautam Saraogi, CEO of Go Fashion in a statement said, “The retail industry has witnessed a temporary decline in demand due to higher inflation and changing spending patterns. With prices on the rise, consumers are becoming more cautious with their purchases, favouring essential goods over discretionary spending. This has led to several retailers experiencing reduced foot falls impacting performance.”
“Although the near-term outlook for the industry seems challenging, the underlying fundamentals remain strong for the long term. We continue to remain focused on enhancing efficiency on the working capital front,” he added.
During the financial year 2024, the company added a total of 84 stores to its portfolio taking its total store count to 714 stores. It plans to open 150 new stores during the current financial year.
Go Fashion is involved in the retailing of women’s bottom wear products under its brand, Go Colors.
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