Arvind Fashions reported a 32 percent rise in net profit to Rs 37 crore ($4.5 million) for the second quarter of the financial year 2023-24, as against Rs 28 crore in the year-ago period.
The company’s revenue for the quarter rose by 7 percent to Rs 1,267 crore, as against Rs 1,182 crore reported in the corresponding period of the previous fiscal year.
Arvind’s power brands portfolio that comprises of US Polo Assn, Tommy Hilfiger, Flying Machine and Arrow contributed Rs 1047 crore during Q2 while sales from emerging brands that include Calvin Klein, Sephora, Ed Hardy, Aeropostale and others was at Rs 220 crore.
Commenting on the results, Shailesh Chaturvedi, managing director CEO of Arvind Fashions in a statement said, “We have delivered the highest ever quarterly financial performance across revenues, EBITDA & PAT, while consumer demand continued to remain soft during the quarter. Sharper execution in the retail channel along with premiumization offering across our marquee brands and decisive focus strategy continue to yield good results.”
“We remain committed to profitably growing the business thereby improving the return ratios, aiding shareholder value creation,” he added.
Arvind Fashions added 46 exclusive brand outlets during the July-September period and plans to open 200 stores in the coming quarter through franchise owned franchise operated model.
Copyright © 2023 FashionNetwork.com All rights reserved.