Arvind Fashions posts Q2 FY21 total income of ₹464 cr

16 Nov '20

2 min read

Pic: Arvind Fashions/ NNNow

Arvind Fashions Limited (AFL), India’s leading casual and denim player, has reported 58 per cent decline in its total income to ₹464 crore during second quarter (Q2) FY21 that ended on September 30, 2020 compared to the income of ₹1,056 crore in same period prior year. For the reported period, company incurred a net loss of ₹212 crore (Q2 FY20: ₹47 crore).

“While Covid related concerns persist, we have witnessed encouraging business recovery during the quarter, with improved footfalls and trend line across our channels. Our investments in digital and omni-channel capabilities is driving robust growth in our online sales and providing enhanced customer experience,” J Suresh, MD & CEO at Arvind Fashions, said in a press release.

Company’s Q2 FY21 revenue grew sequentially 363 per cent over Q1 FY21, led by gradual opening of stores along with improving footfalls across stores and continuing progress in e-commerce channel. AFL’s Sales recovery in September was 50 per cent which further improved to 75 per cent in October, compared to same period last year. Also, all the channels showed better than expected recovery trend line during festive season in October.

“With the gradual recovery from Covid, investments in digital and the steps already in place towards various restructuring initiatives, we expect H2 FY21 to be significantly stronger than H1 led by consistent sales recovery,” Suresh said.

Fibre2Fashion News Desk (JL)

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