Monte Carlo continues to open new stores, revenue up
12 January 2023, Mumbai
Monte Carlo’s revenues grew 12 percent during the third quarter.
Despite the higher raw material prices, the company has strategically tackled the volatility by optimising the product mix, passing on the costs to consumers and rationalising overheads. The quarterly sales have been the best for the company on the back of substantial brand equity among consumers, the latest fashion products and superior quality aided by solid end-of-season sales and the encouraging festive season across India.
During the quarter, the woollen knitted apparel maker continued with its strategy of strengthening its retail presence in India by opening 13 new exclusive brand outlets, out of which seven were opened in the northern region, two in the central region and four in the eastern region. With this, the total number of exclusive brand outlets has reached approximately 347 across 20 states and four union territories. Most of the company’s net revenue from franchises, exclusive outlets and multi-brand outlets are sold on pre-order or outright, inventory risk is minimised, consequently helping it remain insulated from hazard sales in the branded apparel business.
The stock closed at Rs 699, up four percent on the NSE. Technically, it has formed a long bullish candle which resembles a bullish engulfing kind of pattern formation on the daily charts, with healthy volumes.
