TCNS clothing reports widened Q1 net loss amid market challenges
19 August 2023, Mumbai
TCNS Clothing Ltd witnessed its Q1 net loss expand to Rs 37 crore ($4.5 million) for the quarter ending June 30, compared to a net loss of Rs 2 crore in the prior year's corresponding period.
Revenue dips, market challenges persist
The company's quarterly revenue dipped by 12 percent to Rs 244 crore, contrasting with the previous fiscal year's Rs 276 crore.
Market conditions impact performance
TCNS attributed the loss to "subdued market conditions" that persisted throughout the quarter, particularly affecting tier 2, 3 cities, and beyond.
Mixed store growth and online surge
While adding 2 net stores during the quarter, TCNS experienced a 56 percent YoY growth in online sales, driven by gradual model stabilization.
TCNS Clothing's diverse portfolio
As a prominent player in India's womenswear segment, TCNS Clothing manages brands like W, Wishful, Aurelia, and Elleven. The group maintains a broad market presence through its extensive network, spanning 4000+ sales points across omnichannel and partnerships with offline and online retailers.
