Cantabil Q1 standalone sales at Rs 20.90 cr

Cantabil Retail has reported a standalone sales

turnover of Rs 20.90 crores and a net loss of Rs 1.78 crore for the quarter ended June 2013. Other income for the quarter was Rs 0.04 crore. For the quarter ended June 2012 the standalone sales turnover was Rs 24.66 crore and net loss was Rs 2.00 crore.

After two years of a massive operational rejig, the Delhi-based retailer is now planning a fresh round of brand revival, focusing on limited store expansion and shedding its earlier model of offering heavy discounts all-round the year. It shut down 88 of its unviable stores in two years. The brand is planning to invest close to Rs 20 lakh per new store, which it intends to raise through bank loans and internal accruals.

Earlier, Cantabil focused on heavy discount rates of 80 to 90 percent, the retail chain suffered losses to the tune of Rs 15 to Rs 20 crores during the financial year 2011-12. It has reduced its debt levels by half in two years. Instead of betting on discounts and schemes, it will focus on product quality and customer experience now.