For the quarter ending 30th September, Raymond Lifestyle Ltd., the clothing and textile division of the Raymond Group, reported a 77 per cent decrease in net profit to US $ 3.1 million compared to US $ 13.76 million in the same period last year.
Compared to US $ 163.51 million in the same quarter of the previous fiscal year, the company’s revenue for the quarter decreased by 5 per cent to US $ 156.04 million. The quarter’s revenue for branded apparel was US $ 52.33 million, while the revenue from the branded textile segment was US $ 101.33 million. Revenue contributions from the clothing and high-value cotton shirting segments were US $ 30.85 million and US $ 27.05 million, respectively.
“Raymond Lifestyle Limited had a stable quarterly performance despite subdued demand, weaker consumer sentiment, and higher inflationary pressures,” stated Sunil Kataria, Managing Director of Raymond Lifestyle Ltd, in a statement regarding the results. “We released Sleepz, and the trade channel is responding well to it.”
“Recent buoyancy has been observed at the beginning of the wedding and celebration season. With our plans for retail development, the introduction of new products, and marketing initiatives, we are well-positioned to meet demand in the future,” he continued.
Raymond added 52 new stores during the quarter, including 11 ‘Ethnix by Raymond’ locations, bringing its total number of retail locations to 1,592 as of 30th September 2024.
