Press Esc to close
Thursday 26 May 2016
News updated at 2:33 AM IST
Weather
Max: 34°C
Min : 22.7°C
In Bengaluru
Partially cloudy

Raymond optimistic about retail growth

S V Krishnamachari, Hrithik Kiran Bagade, Bangalore, Nov 24, 2012, DHNS :

The subdued consumer sentiment notwithstanding, fabric and apparel company Raymond is optimistic of growth in its textiles and apparel business, and is firm on opening more stores this fiscal and over the next two years.

A senior executive at Raymond said expansion plans chalked out two years ago are firmly on course. “We have already opened 250 stores in the previous two years and will be opening another 250 in the coming two years.

In a full year, each store on an average contributes about Rs 60 lakh revenues,” said the company's President (Retail & Business Development) Rakesh Pandey.

The company opened 70 stores in the first six months this year including 42 in the second quarter and plans to add another 30 in the second half this fiscal, including made-to-measure format stores.

On demand pickup during the ongoing festive season, he said that pre-Diwali sales growth was about 10-15 per cent compared to last Diwali, as against the expected 20 per cent. “The impact of cyclone ‘Nilam’ led to diminished footfalls and impacted sales in the south.”

Raymond wrote off apparel inventory worth Rs 5 crore last quarter, according to a presentation made to analysts in October.

Its like-to-like sales turned positive in the second quarter with a 3 per cent growth compared to minus 3 per cent in the first quarter. “We see growth trending at about 7 per cent for the full year.” The company’s apparel brands include ColorPlus, Park Avenue and Parx.

The company posted consolidated revenues of Rs 1,115 crore for the quarter ended September 30, 2012, compared to Rs 982 crore in the same period last year. Net profit was down 38 per cent to Rs 50 crore, compared to Rs 80 crore on a year-on-year basis.

The company said it will spend Rs 13 crore on VRS for its employees in the third quarter, apart from Rs 32 crore spent in the first six months this fiscal, as part of its effort to improve operational efficiencies.


Go to Top

Photo Gallery
Girls cover themselves during a dust storm in mathura on Monday...

Girls cover themselves during a dust storm in mathura on Monday...

Renowned sand artist Sudarsan Pattnaik creates a sand art to aware people about water scarcity...

Renowned sand artist Sudarsan Pattnaik creates a sand art to aware people about water scarcity...

English actor Sir Ian McKellen and Bollywood actor Aamir Khan share lighter moments...

English actor Sir Ian McKellen and Bollywood actor Aamir Khan share lighter moments...

A senior Army Officer presents the Sher-e-Kashmir Sword of Honour to a new recruit...

A senior Army Officer presents the Sher-e-Kashmir Sword of Honour to a new recruit...

People watching the air ambulance which crash landed at Kair village in Najafgarh area...

People watching the air ambulance which crash landed at Kair village in Najafgarh area...

Demi Moore poses for photographers as she arrives for The Vogue 100 Gala Dinner...

Demi Moore poses for photographers as she arrives for The Vogue 100 Gala Dinner...

Nuremberg and Frankfurt players jump for the ball during a German first division Bundesliga soccer..

Nuremberg and Frankfurt players jump for the ball during a German first division Bundesliga soccer..

People hang fish to dry on bamboo poles in Mumbai...

People hang fish to dry on bamboo poles in Mumbai...

A cyclist with his daughter pedals his cycle holding an umbrella...

A cyclist with his daughter pedals his cycle holding an umbrella...

An elderly vendor waits for customers of green grass during rains in Srinagar....

An elderly vendor waits for customers of green grass during rains in Srinagar....

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523