Monte Carlo Fashions Ltd reported a net loss of Rs 18 crore ($2.1 million) for the fourth quarter ended March 2024, as against a net profit of Rs 20 crore in the year ago quarter.
The company’s revenue for the quarter was down by 13 percent to Rs 207 crore, as against Rs 237 crore in the corresponding quarter of the previous fiscal year.
For the financial year 2024, the company reported a 55 percent year-on-year decline in net profit to Rs 60 crore with an annual revenue of Rs 1,062 crore.
“Higher returns and discounts resulted in decline in margins. Our online sales have picked up, particularly from our own website which stood at Rs 15 crore for FY 2024. Rock.it brand performed well during the year and our premium brand Luxuria, has also started contributing to sales,” Monte Carlo said in its investor presentation.
“The company is aggressively committed to opening 45-50 exclusive brand outlets pan India with focus on west and south Indian regions,” it added.
During the January-March quarter, Monte Carlo added 13 exclusive brand outlets across the country to end the financial year with a store count of 411.
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