Pantaloons Q1 net loss widens to Rs 78.09 cr

Aditya-Birla group firm Pantaloons Fashion & Retail has reported net loss of Rs

78.09 crores in the first quarter ended June 30, mainly due to higher depreciation and amortisation expenses. It had reported net loss of Rs 57.82 crores in the April-June quarter of 2013-14 fiscal, the company said in a filing to the BSE.

Depreciation and amortisation expense in the quarter under review were at Rs 45.55 crores as against Rs 16.75 crores in the corresponding quarter a year ago. However, its net sales went up by 13.46 per cent to Rs 381.3 crores against Rs 336.04 crores in the same quarter, last year.

The company recently announced its plans to raise up to Rs 500 crores. “The Board of Directors of the company at its meeting held on July 18, 2014, has approved raising of funds for an amount not exceeding Rs 500 crores through various means, subject to receipt of necessary approvals,” the company said in a BSE filing.

Shifting its focus to private fashion labels, which it believes can bring better margins, Pantaloons has launched three new private brands exclusively for men, infants and plus size individuals. These brands include Byford, a British country inspired sport lifestyle brand for men, Moda targets plus sized individuals and Chirpie Pie is created exclusively for infants in the age group 3-24 months.