Indian fashion conglomerate Aditya Birla Fashion and Retail Limited (ABFRL) has reported a record full-year EBITDA of US$195.15M despite high expenses damaging its fourth quarter.
Full-year revenue reached $1.498bn – a 53 per cent improvement over last year and up 41 per cent over pre-Covid levels. However fourth-quarter revenue was up by a lesser rate of 26 per cent and the company posted a rare loss for the period of $22.9M, citing losses on its developing TMRW and ethnic brands and “negative operating leverage on the back of sluggish sales”. During the quarter, the retailer generated $347.6M.
Online sales for the quarter jumped 77 per cent year-on-year, taking e-commerce revenue across the full year to more than $156.9M. “With a long-term rise in discretionary consumption, the apparel industry is primed for significant growth bolstered by premiumisation and an accelerated shift from unbranded to branded products,” the company said in a statement.
