Chennai: Trend Ltd has announced its financial results for the first quarter ended 30 June, 2020.
It said revenue from operations at Rs 96 crore registered a decline of 87 per cent on the back of the Covid-19 related store closures for a major part of the quarter. “This led to loss from operations of Rs 171 crore as we continued to incur certain costs notwithstanding the temporary store closures.”
“We pursued various mitigation measures and prioritized cost reductions especially involving discretionary spends. We believe many of these initiatives would also deliver efficiencies over the medium term. We have also been actively engaging with our key stakeholders including our vendors and property partners to collaboratively grapple with the unprecedented developments,” the company said in a statement.
The extended store closures due to lockdowns has resulted in an unprecedented incremental provisioning with respect to inventories estimated at over Rs 40 crore for the quarter under review, it added.