Arvind Fashions posts total income of ₹3,926 cr in FY20

10 Jul '20

2 min read

Pic: Arvind Fashions

Arvind Fashions Limited, India’s leading casual and denim player, has reported decline in its total income to ₹3,926.08 crore in fiscal year 2020 that ended on March 31, 2020 compared to income of ₹4,647.99 crore in same period prior year. Company incurred a net loss of ₹399.36 crore during the year compared to net profit of ₹21.48 crore in FY19.

For the fourth quarter (Q4) FY20, company’s total income slipped to ₹752.23 crore (Q4 FY19: ₹1,168.98 crore). Net loss for the quarter were ₹208.12 crore compared to net profit of ₹21.30 crore in Q4 FY19.

“Completion of the key strategic steps during the year have lent fundamental strength to our business. While Covid has been an unprecedented event which has significantly impacted the entire retail industry, as a leading casual wear company with a portfolio of brands with leading market positions and key capabilities in digital and omni-channel, we expect to gain market-share as business get back to normal,” J Suresh, MD & CEO at Arvind Fashions, said in a press release.

The loss before tax for the year were ₹496.42 crore compared to profit before tax of ₹12.88 crore in FY19. Total comprehensible loss for the year were ₹393.92 crore compare of income of ₹14.80 crore last year.

Sales of power brands during the year fell 7.4 per cent to ₹2,588 crore (₹2,797 crore). Speciality retail sales were marginally up 0.2 per cent to ₹1,112 crore (₹1,110 crore). Emerging brands sales dipped 8.8 per cent to ₹499 crore (₹548 crore).

Company has reported that the sales for June 2020 reached 30 per cent of the normal month sales. However, Arvind Fashion’s own online sales for June 2020 have increased 3 times compared to last year.

Fibre2Fashion News Desk (JL)

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