Demonetisation blues to keep revenue flat this fisc: Monte Carlo

Monte Carlo Fashion’s revenues were hit by demonetisation and could stay flat year-on-year this fiscal, Executive Director Sandeep Jain said on Monday.

Speaking to CNBC-TV18, Jain said 65 percent of the company’s revenue traditionally comes in the third quarter and the government’s decision to junk popular bank notes came bang in the middle of this peak period for sales. He said they were on track to achieve the projected 10 percent growth before demonetisation. Now, however, there would be no growth albeit no drastic decline either, as sales picked up in December.

Jain said 95 percent of sales were done through cards in November, as opposed to the previous 50 percent. The figure had stablised to around 85 percent over the past month, he added.

He expressed optimism that sales would pick up, saying demonetisation would make the unorganised sector more organised, increasing product competitiveness.Watch video for more...