Monte Carlo Fashions surges near 5% after Q2FY22 sales reached pre-covid levels

The company also accelerated its digital and omni channels during the quarter.

Oct 11, 2021 09:10 IST India Infoline News Service

Monte Carlo Fashions Ltd, a leading branded apparel company under the umbrella brand “Monte Carlo” has informed the exchange regarding business update of Q2 FY22.

During the last year, the lockdown restrictions caused a slump in retail sales of apparel for ~4-5 months. However, the company informed that it has witnessed a strong demand from retail network for the Summer products in recently conducted Trade Show (Spring Summer 2022- order booking) and in this year the business has seen good traction with sales swiftly moving above or close to pre-covid levels, said company in a regulatory filing.

During the second quarter ended September 2021, the company expects strong volume growth and calibrated price increase. This is mainly on account of opening up of economy on the back of reduction in COVID 19 cases and removal of lockdown restrictions in most of the geographies, it added.

Further, the company said, "With the opening of malls and marketplaces we are seeing pent up in demand across all formats of stores that is EBO’s and MBO’s. The pace of recovery for kids wear and casual wear was faster, while formal wear are now gaining increased traction with the opening of most of the corporate offices.

The company has strengthened its retail presence in India with the opening of 12 new EBO’s during Q2 FY22; with this the company has achieved a milestone of 300 EBO’s across 20 states and 4 union territories in India. Apart from thrust on retail network expansion, the company also accelerated its digital and omni channels during the quarter."

At around 9:25 AM, Monte Carlo Fashions was trading at Rs394.75 per piece up by Rs18.15 or 4.82% on the BSE.

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