Monte Carlo Fashions Ltd reported a net loss of Rs 12 crore ($1.5 million) for the quarter ended June 30, as against Rs 4 crore posted in the year-ago period.
The company’s revenue for the quarter rose by 26 percent to Rs 146 crore, as against Rs 116 crore reported in the corresponding quarter of the previous fiscal year.
“The loss in the current quarter occurred due to higher returns which reduced our average sales realisation by Rs 10 crore. During Q1-FY24 there was an exceptional loss due to weak months of April and May 2023. However, the company is confident of revival in future quarters,” the company said in its quarterly report.
During the quarter, the company opened 11 new exclusive brand outlets (EBO) and closed one non-performing outlet.
Monte Carlo ended the first quarter with an EBO count of 366 across 21 states and 4 union territories. It also sells through its website, multi-brand outlets, distributors along with online platforms like Ajio, Amazon, Flipkart, Firstcry, Myntra, Jabong, and Kapsons.
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