Indian retailer Arvind Ltd., revealed a revenue dip for the seventh consecutive quarter, hit by sluggish pricing of woven items and weaker demand for jeans. The firm said its consolidated revenue from operations declined 4.6 per cent to Rs. 1,880 crore in the December quarter.
Revenue from the company’s textile business, which accounts for approximately 75 per cent of overall sales, fell 8 per cent. Arvind sells denim items from companies including US Polo Association, Arrow, and Flying Machine.
Retailers have struggled to sustain consistent financial performance this fiscal year, owing to low demand as inflation-weary customers cut back on spending. Arvind’s revenue has fallen between 11 per cent and 21 per cent over the previous four quarters. During the reporting quarter, the company’s total costs reduced 6.4 per cent, resulting in a 9 per cent increase in consolidated net profit.
The business expects higher volume growth across divisions and good profitability in the March quarter. The limited Red Sea freight movement is anticipated to have an impact on Arvind’s advanced materials sector, which manufactures textiles and protective gear for construction.
