Go Fashion pushes for expansion and plans to open 120-130 stores every year
Go Fashion (India) Ltd, owner of women’s clothing brand Go Colors, was moving ahead with its plan to strengthen the footprint in all geographies by adding around 120 to 130 stores every year, a company official said on Thursday. . The company, which holds around 8% of the branded women’s stockings market, reported its financial results with an after-tax profit for the April-June quarter at Rs 24.4 crore.
The company had reported a net loss of Rs 19 crore in the corresponding quarter of the previous year, attributing the decline due to the Covid-19 related lockdown enforced in the country. For the financial year ending March 31, 2022, profit after tax was Rs 35.6 crore, according to a statement from the company. Total revenue in the quarter under review jumped to Rs 165.2 crore from Rs 31 crore recorded in the same period a year ago.
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For the year ending March 31, 2022, the total revenue stood at Rs 401.3 crore. Go Fashion (India) Ltd, CEO, Gautam Saraogi, commenting on the financial performance said, “We started FY23 with a very strong performance in the first quarter. Our revenue amounted to Rs 165 crore, the highest quarterly revenue ever at Go Fashion. PAT stood at Rs 53 crore and Rs 24 crore respectively. We continue to invest in branding initiatives that will help us gain visibility and focus and grow our online sales channels to benefit from changing customer trends in our market,” he said.
Saraogi said, “In the first quarter of FY23, the company added 30 new stores and in line with the growth strategy to open more doors closer to the consumer. The company continues to expand and plans to expand the store footprint across geographies by adding approximately 120 to 130 new stores each year. We are also considering omnichannel engagements for a seamless customer experience, leveraging a technology-driven growth strategy to reach consumers in all cities,” he said.
The company has taken over a new warehouse in Bhiwandi, Maharashtra, of 12,177 square feet, which would help respond faster and better to the western parts of the country, he added.