In contrast to a profit of Rs 94 crore for the same quarter the year prior, Aditya Birla Fashion and Retail recorded a consolidated net loss of Rs 162 crore ($20.1 million) for the June quarter.
In comparison to the same quarter last year, the company’s sales for the quarter increased by 11% to Rs 3,196 crore from Rs 2,875 crore.
Despite difficult market conditions, the growth in quarterly revenue was driven by a substantial pick-up in new businesses and stable performance from current firms.
ABFRL’s branded business network added 28 outlets on a net basis in the first quarter. While Pantaloons gained 3 locations, its ethnic business added 12 stores to the network.
With the start of the holiday season, the company expects a resurgence in discretionary spending, which will accelerate its growth trajectory in the second half. We are still committed to advancing our long-term strategic objective through market expansion and sector and category diversity. In a statement, ABFRL stated.
“With a positive outlook on the growth prospects of both the Indian economy and the fashion apparel sector, the company said it is determined to leverage its robust brand portfolio to drive consistent, sustainable growth,” the article continued. Through its brick-and-mortar stores, online retail platforms, and e-commerce marketplaces, ABFRL, a division of the Aditya Birla group, engages in the selling of branded products in the apparel, footwear, and accessories segment.
