Press Esc to close
Friday 06 March 2015
News updated at 11:21 AM IST
Weather
Max: 31.7°C
Min : 16.9°C
In Bengaluru
clear sky

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
Rajnath Singh celebrates Holi with Delhi BJP Chief Satish Upadhyay and party leader Vijay Goel...

Rajnath Singh celebrates Holi with Delhi BJP Chief Satish Upadhyay and party leader Vijay Goel...

Hema Malini reacts as an MP smears Gulal on her forehead ahead of Holi celebrations...

Hema Malini reacts as an MP smears Gulal on her forehead ahead of Holi celebrations...

People sing and dance while celebrating Holi, the Festival of Colours, in Kathmandu...

People sing and dance while celebrating Holi, the Festival of Colours, in Kathmandu...

Narendra Modi being presented with the autographed tennis racquets of Leander Paes and Martina...

Narendra Modi being presented with the autographed tennis racquets of Leander Paes and Martina...

Widows daubed in colours chant religious hymns as they take part in the Holi celebrations...

Widows daubed in colours chant religious hymns as they take part in the Holi celebrations...

Tourists celebrate Holi in Jodhpur on Wednesday...

Tourists celebrate Holi in Jodhpur on Wednesday...

A child during Holi celebration in Alipurduar on Thursday...

A child during Holi celebration in Alipurduar on Thursday...

Stranded trucks wait for the re-opening of the Jammu-Srinagar highway, at Nandni near Jammu...

Stranded trucks wait for the re-opening of the Jammu-Srinagar highway, at Nandni near Jammu...

Tennis star and ambassador of Earth Hour 2015, Sania Mirza signs a poster during a press meet...

Tennis star and ambassador of Earth Hour 2015, Sania Mirza signs a poster during a press meet...

People watching the wreckage of the Jaguar fighter aircraft...

People watching the wreckage of the Jaguar fighter aircraft...

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