Go Fashion (India) Ltd which owns womenswear brand Go Colors has plans to add 120-150 net new stores in the current fiscal year.
“The company added a total of 84 stores in the previous fiscal year, taking the overall count to 714,”Go Fashion CEO Gautam Saraogi said in a press release.
“While these net additions are slightly lower than anticipated, it reflects our strategic decision to close stores that did not rebound post the COVID-19 pandemic,” he added.
“Looking ahead, we aspire to add 120-150 net new stores in the ongoing fiscal,” Saraogi added.
Commenting on the retail industry, he said the sector witnessed a temporary decline in demand due to higher inflation and changing spending patterns among consumers.
“With prices on the rise, consumers are becoming cautious with their purchases, favouring essential goods over discretionary spending and has led several retailers to experience reduced footfalls,” he stated.
“Although the near-term outlook for the industry seems challenging, the underlying fundamentals remain strong for the long term,” Saraogi informed.
Go Fashion is also exploring omnichannel strategies leveraging technology to offer physical and online shopping experiences, expanding reach to consumers in various cities.
The Chennai based company reported a profit after tax of Rs 13.1 crore in the fourth quarter ending March 31, 2024 as compared to Rs 14.8 crore reported in the same quarter of earlier fiscal year.
However, for the 12 months to March 31, 2024, the net profit remained unchanged at Rs 82.8 crore as against the same period of previous fiscal year.
During fiscal year 2024, the company achieved a growth of 15 percent year-on-year in revenues at Rs 763 crore and EBITDA stood at Rs 242 crore witnessing a growth of 14 percent over the last fiscal year.
