Go Fashion Q1 net profit rises 9 percent to Rs 29 crore

Go Fashion India Ltd, owner of women’s bottom-wear brand Go Colors reported a 9 percent increase in net profit to Rs 29 crore ($3 million) for the first quarter ended June 30, as against Rs 26 crore in the year-ago quarter.

The company’s revenue for the quarter rose by 16 percent to Rs 220 crore, as against Rs 190 crore in the corresponding quarter of the previous fiscal year.

Commenting on the results, Gautam Saraogi, CEO of Go Fashion in a statement said, “Retail footfalls in India declined due to the elections and an intense heat wave. Despite these short-term challenges, we have maintained a full price sales ratio of 97%. This demonstrates the resilience of our products even in tough market conditions. Our capability to serve a highly diverse customer base and act as a one-stop solution for bottom wear gives us a competitive edge.”

“We look forward to continuing our innovative and creative approach and launch more designs while more brand destinations for our consumers which will help us grow and gain market share in the coming years,” he added.

During the quarter, Go Fashion added 20 net new stores to our portfolio to take its total store count to 734. The company plans to open 120 to 150 new stores during the current financial year.