Arvind Fashions Q1 net loss widens to Rs 213.13 crore

"While COVID had a significant impact on the financial performance, we have utilised the opportunity provided by this disruption to reshape our business through increased investments in upgrading our digital capabilities along with significant cost optimisation and multiple actions to control gross working capital,” he said.

The company said 70 percent of its stores were operational at the end of Q1 FY 2021.

Currently, 80 percent of stores have opened. Overall, the company has reached 46 percent of sales in August 2020, compared to the same month last year, the company added.

Arvind Fashions said apparel retail industry is one of the worst impacted industries by COVID-19 pandemic.

"After certain hesitant relaxations in May, the economy started gradually opening up from June post-Unlock 1.0, though the opening up has been staggered and uneven, with occasional localised rollbacks and operational disruptions. During this tough time, the company has pursued strategic initiatives around capability building, cost restructuring, cash conservation and strengthening the balance sheet, apart from focusing on the restart and ramp-up of the operations and ensuring the safety of its employees and customers,” the company said.

Shares of Arvind Fashions settled 1.76 percent higher at Rs 144.15 apiece on the BSE.