During the July-September quarter, Brainbees Solutions, the parent company of FirstCry, a retailer of mother and infant care products, saw a 47 per cent year-over-year (YoY) decrease in its net loss to US $ 7.43 million. Co-founder and CEO Supam Maheshwari said that FirstCry’s goal is still to boost topline revenue while enhancing profitability.
“We’ll keep working hard to show growth in both the top and bottom lines. While we continue to optimise our overall expenditures so that our contribution margin after marketing continues to improve, we will be able to observe a percentage-wise gain when the mix (of business revenue) changes,” Maheshwari informed.
During the quarter, the Pune-based company’s operating revenue increased by 26 per cent to US $ 225.5 million. GlobalBees, a subsidiary of its house of brands, outperformed comparable brands that have stalled due to a decline in consumer spending, achieving a 55 per cent increase in revenue.
“The advancement of some seasonal sales by the platforms on which Globalbees sell their products is also one of the important reasons for this growth,” stated Gautam Sharma, the company’s chief financial officer.
Revenue from FirstCry’s overseas business increased by 25 per cent year over year to US $ 24.63 million. Maheshwari revealed that FirstCry intends to open new outlets in Saudi Arabia by the end of the year as part of its global offline expansion strategy.
FirstCry’s consolidated expenses increased to Rs 1,847.8 crore for the quarter from US $ 218.78 million in the prior quarter, despite robust growth across business segments. The cost of employee benefits increased by 15.7 per cent to US $ 17.05 million.
There are 1,124 contemporary outlets in the company’s network. Its in-house brands include Pine Kids, Cute Walk, and Babyoye. The company sells a variety of goods from international, Indian, and third-party brands, including clothing, shoes, baby gear, nursery supplies, nappies, toys, and personal care items.
