TCNS Clothing Ltd Q1 net loss widened to Rs 37 crore ($4.5 million) for the quarter ended June 30, as against a net loss of Rs 2 crore in the year-ago period.
The company’s revenue for the quarter was down by 12 percent to Rs 244 crore, as against Rs 276 crore in the corresponding quarter of the previous fiscal year.
“Subdued market conditions since festive persisted through the quarter with greater impact on tier 2, 3 cities and beyond markets,” TCNS said in a business update.
“The company added 2 stores in the quarter (on net basis) while online grew at 56 percent year-on-year on back of gradual model stabilization,” it added.
TCNS Clothing is one of India’s leading womenswear apparel groups with brands like W, Wishful, Aurelia, and Elleven. It has a wide reach with over 4000 points of sales with owned omnichannel network and deep partnerships across all key offline, online retailers.
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