Go Fashion pushing ahead with expansion; plans to open 120-130 stores

Go Fashion (India) Ltd, which owns women's wear brand Go Colors, was pushing ahead with its plan to strengthen foot print across geographies by adding about 120-130 stores ever year, a company official said on Thursday.

The company, which owns approximately eight per cent in the branded women's bottom-wear market, declared its financial results with profit after tax for the April-June quarter at Rs 24.4 crore.

The company had reported a net loss at Rs 19 crore during the corresponding quarter of previous year, attributing the decline due to COVID-19 related lock-down enforced in the country.

For the financial year ending March 31, 2022 the profit after tax was at Rs 35.6 crore, a company statement said.

Total revenue during the quarter under review surged to Rs 165.2 crore from Rs 31 crore registered in the same period year ago.

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 have started FY23 with a very strong performance in the first quarter. Our revenues stood at Rs 165 crore, highest ever quarterly revenues at Go Fashion. EBITDA and PAT stood at Rs 53 crore and Rs 24 crore, respectively."

"We continue to invest in brand-building initiatives which will help us to gain visibility and also to focus and grow our online sales channels to benefit from evolving customer trends in our market," he said.

Saraogi said, "in Q1 FY 23, the company has added 30 new stores and in line with the growth strategy to open more doors closer to the consumer. The company is pushing ahead with expansion and plans to expand store foot-print across geographies by adding around 120-130 new stores every year."

"We are also looking at omnichannel engagements for a seamless consumer experience, building on a technology-driven growth strategy to reach consumers across all cities," he said.

The company has taken over a new warehousing facility in Bhiwandi, Maharashtra of 12,177 sq ft and this would help cater faster and better to the western regions of the country, he added.