The second quarter net loss of Arvind Fashions widened to Rs 217.79 crore as the impact of the pandemic persists, says an Economic Times report.
The revenues of the casual wear and denim player dropped by 56 per cent during the quarter to Rs 463.81 crore. A year ago, it had sales of Rs 1055.87 crore with net loss of Rs 45.57 crore.
In a stock exchange filing, the retailer of brands such as Calvin Klein, Tommy Hilfiger, and US Polo Assn, said revenue more than trebled over the first quarter, led by gradual opening of stores along with improving footfalls across stores and continuing progress in the ecommerce channel. The company reached 50 per cent of sales level in September compared to a year ago, which rose to 75 per cent in October.
In July, Walmart-owned Flipkart had picked up about 27 per cent stake in AFL’s newly formed subsidiary Arvind Youth Brands which owns denim label Flying Machine. In the ongoing fiscal, AFL discontinued retail operations for brands Gap, Ruf & Tuf, NewPort, The Children’s Place and Hanes.