New Delhi: Sportswear retailer Reebok India reported a web revenue of ₹4.9 crore for the 12 months ended 31 March 2021, down 93% from the year-ago interval, on account of decrease gross sales, in keeping with monetary information accessed by enterprise intelligence platform, Tofler. Within the year-ago interval, the corporate reported a revenue of 6.8 crore.
Revenues in the course of the monetary 12 months 2020-21 declined 26% to ₹321 crore 12 months on 12 months. The corporate’s whole bills for the fiscal stood as ₹315 crore.
The financials replicate the affect of covid-19 on attire retail. Frequent lockdowns and restrictions on working hours of shops impacted gross sales of clothes and footwear by most of final fiscal.
In the meantime, demand additionally shrunk as customers spent much less on discretionary items.
“In view of the pandemic referring to covid- 19 which has impacted the traditional enterprise of the Firm by the use of interruption in Retailer operations of franchise / wholesale companions, provide chain disruption, closure/lockdown of warehousing services and so on. in the course of the lockdown interval, the Firm has made detailed assessments of the recoverability and carrying values of its belongings comprising property, plant and tools, inventories, receivables and different present belongings as on the steadiness sheet date and on the idea of analysis, has concluded that no materials changes are required within the monetary statements,” the corporate mentioned.
Earlier this 12 months, German sportswear retailer Adidas introduced that it has entered right into a definitive settlement to promote Reebok to Genuine Manufacturers Group (ABG) for a complete consideration of as much as € 2.1 billion. Adidas had purchased Reebok in 2006.
Supply: Live Mint