As an evident consequence of the ongoing global pandemic, Arvind Group’s fashion and garment division, Arvind Fashions Limited (AFL) recently posted a consolidated net loss of Rs. 213 crore (US $ 29.1 million) for the first quarter ended 30 June 2020.
In comparison, the company had registered a net loss of Rs. 95 crore during the corresponding quarter of the last fiscal, AFL stated in a BSE filing.
The company registered a huge 81 per cent fall in net sales at Rs. 170 crore during the quarter under review.
Arvind Fashions’ revenue from operations stood at Rs. 104 crore in this year’s Q1, while it was reported to be Rs. 901 crore last year.
The company’s MD and CEO J. Suresh shared that owing to complete closure in April and May, the company had a tough time during this quarter.
“While COVID-19 had a significant impact on the financial performance, we have utilised the opportunity provided by this disruption to reshape our business through increased investments in upgrading our digital capabilities along with significant cost optimisation and multiple actions to control gross working capital,” he further added.
Arvind Fashions boasts of a strong portfolio of fashion brands including U.S. Polo Assn., Calvin Klein, Tommy Hilfiger, GAP, Arrow and Sephora.
Currently, there are 1,290 AFL stores across India.
