Fabindia’s net profit falls 42 per cent in 2017-18

Clothing retailer Fabindia’s sales growth fell to its lowest in more than a decade in 2017-18, hurt by sourcing issues during the government’s demonetisation drive as well as increased competition from large chains and private label brands. The 58-year old firm, popular for selling ethnic products sourced mostly from rural areas, posted a 2 per cent rise in sales from the previous year to Rs 1,060 crore on a standalone basis. The company’s net profit for the year declined 42 per cent to Rs 59.33 crore.