Go Fashion spikes 5% on sparkling Q1 performance, new store additions

This growth has come on the back of volume growth and consistently increasing the number of exclusive brand outlets (EBOs). In Q1 FY24, Go Fashion net added 25 new stores, despite the noticeable slowdown in the retail industry

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Go Fashion shares gained 5 percent on August 1 as the company reported 15 percent year-on-year growth in revenue to Rs 190 crore and 8 percent YoY growth in net profit to Rs 26 crore for the quarter ended June 2023.

At 10:45 am, the stock was quoting at Rs 1,242 on the NSE, higher by 4.8 percent from previous close. Trading volumes at the time were 365,624, about three times the 20-day average trading volumes.

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This growth has come on the back of volume growth and consistently increasing the number of exclusive brand outlets (EBOs). In Q1 FY24, the company net added 25 new stores, despite the noticeable slowdown in the retail industry.

“The prevailing operating conditions have posed significant challenges for businesses in this sector. Despite the deceleration in the industry, our company has managed to outperform the market, showcasing commendable resilience and growth,” Gautam Saraogi, CEO, Go Fashion (India) Limited said.

The company also managed to reduce its working capital days as on June 30, 2023, which stands at 136 days as compared to 149 days as on March 31, 2023. Inventory days have reduced by 19 days over the last quarter, while cash and cash equivalents stood at Rs 147.7 crore at the end of the quarter.

The company has managed to outperform the industry on the back of its strong branding initiatives. “The branding team has played a pivotal role in crafting a clear and compelling brand identity, effectively communicating our unique proposition to our target audience, and creating a strong and lasting presence in the market,” Saraogi added.

In November 2021, Go Fashion made a strong debut on the bourses, listing at 91 percent premium to its issue price. However, the stock has been rangebound since then.

According to JM Financial, Go Fashion has the benefit of being the first mover in the industry. This, along with the company’s target to reduce working capital and the promoter’s assurance on pledge-closure by end of FY24, allays key investor concerns.

Venture capital firm Sequoia Capital in June sold 10.18 percent stake in Go Fashion, thus ending a key technical overhang from the stock.

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