Go Fashion (India) Ltd, the owner of women’s wear brand Go Colors, has been pushing ahead with plans to strengthen its footprint by adding 120-130 stores annually, a company official said on Thursday. The company, which holds approximately eight percent of the popular women’s underwear market, has announced its financial results after tax of Rs 24.4 million for the April-June quarter.
The company had reported a net loss of Rs 19 crore in the year-ago quarter, which was due to a decline due to the Covid-19-related lockdown implemented in the country. In the year Profit after tax for the financial year ending March 31, 2022 was Rs 35.6 crore, a company statement said. In the review quarter, total revenue rose to Rs 165.2 crore from Rs 31 crore recorded in the same period a year ago.
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In the year For the year ending March 31, 2022, its total revenue stood at Rs 401.3 crore. Commenting on the financial performance, Go Fashion (India) Ltd, CEO Gautam Saraogi said, “We started FY23 with a very strong performance in the first quarter. Our revenue stood at Rs 165 crore, which is the highest quarterly revenue for Go Fashion. EBITDA and PAT at Rs. 53 crore and stood at Rs 24 crore. We will continue to invest in brand building initiatives to gain visibility and also focus and grow our online sales channels to benefit from customer trends in our market,” he said.
Saraogi said, “In Q1 FY 23, the company added 30 new stores and in line with its growth strategy to open more doors to the consumer. The company is moving ahead with its expansion and plans to expand its store footprint across geographies. We are looking at adding 120-130 new stores every year, omnichannel engagement and seamless consumer experience.” Experience has built a technology-driven growth strategy to reach consumers in all cities,” he said.
The company has taken over a new warehouse in Bhiwandi, Maharashtra with an area of 12,177 square feet which will help it to supply the western regions of the country faster and better, he said.