Page Industries Limited – the exclusive licensee of Jockey International Inc. and Speedo International Limited in India – posted a net loss of Rs. 40 crore (US $ 5.5 million) in the first quarter ended 30 June 2020.
The company had reported a net profit of Rs. 111 crore during the corresponding period in the last fiscal.
Owing to the nationwide lockdowns in the wake of the global pandemic of COVID-19, the firm’s revenue for the quarter under review declined 66 per cent to Rs. 285 crore.
However, the dropping figures haven’t let Page Industries from remaining positive about better times ahead, as it has opened 96 per cent of exclusive brand outlets (EBOs), 90 per cent of large format outlets and 80 per cent of its multi-brand stores across the country.
Sunder Genomal, Managing Director, Page Industries, shared “We are witnessing an increasing trend of sales with greater demand in e-commerce and athleisure product category.”
He further expressed the company’s optimism, “We continue to remain confident of the medium-term given our strong business model, product portfolio and healthy balance sheet.”
Page Industries has more than 750 EBOs for Jockey and nearly 40 stores for Speedo across 150 cities in India.
