20 February 2023, Mumbai
For the third quarter TCNS’ net profit fell by 98 per cent.
Revenue for the quarter was down by seven per cent as against the corresponding period of the previous fiscal year. Total expenses during the quarter increased by four per cent. Women’s apparel retailer TCNS attributes the drop in profit to higher depreciation, lower other income and interest expenses coupled with weak operational performance, which weighed on the bottom line. The muted festive and wedding season coupled with the delayed onset of winter also contributed to poor sales during the quarter. TCNS Clothing owns brands like W, Aurelia, Wishful, and Elleven. It currently has over 664 exclusive brand outlets for its various brands and sells through various online platforms across India. W is a premium fusion wear brand catering to the aspirations of the modern Indian woman. Aurelia is contemporary Indian wear targeted at a wider age group and fashion sensibility. It’s a mix of great design, great quality, and great fit at economy pricing. W has a cleaner, international feel while Aurelia reflects a contemporary Indian feel. TCNS is looking to further strengthen its retail presence in India. TCNS generates 90 per cent of its sales from its stores while the remaining ten per cent comes from online channels.
