Luxury furniture manufacturer and retailer Stanley Lifestyles Ltd reported a net profit of Rs 4 crore ($4,76,896) for the first quarter of the current financial year.
The company’s revenue for the quarter rose by 5 percent to Rs 101 crore, as against Rs 96 crore in the corresponding quarter of the previous fiscal year.
Commenting on the performance, Sunil Suresh, Managing Director of Stanley Lifestyles in a statement said, “The general elections in India temporarily distracted consumer focus leading to a relatively quiet 3-month period for high-value home purchases. The Q1 FY25 topline was further softened with an unusually severe summer with heatwaves in April and May impacting store footfalls.”
“In the near term, management is focused on launching new product ranges and tactically expanding the store network, and ultimately delivering value to its customers and shareholders,” he added.
Stanley Lifestyles currently has a total store count of 61 of which 37 are company owned and 24 franchised stores across 25 cities in India. It plans to open 11 stores during the current financial year.
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