- Q1 FY25 revenue was INR 274 crores with a gross margin of 41.26%
- Total retail area stood at 6.53 lakh sq ft across 61 stores in 4 states as of June 30, 2024
- Opened 1 new store in Q1, faced delays in opening 2 planned stores due to pending local clearances
- Q1 saw negative same-store sales growth (SSG) of around 20% due to fewer wedding dates
- Gross margin improved by 98-99 bps year-over-year despite weak trends
- EBITDA margin dropped to single digits in Q1 due to negative SSG
- Expanding focus on Tamil Nadu and Karnataka markets
- Targeting to reach 100 stores by end of FY26
- Expecting to improve revenue per sq ft to INR 28,000-28,500 by FY26
- H1 FY25 expected to be flat or slightly better than H1 FY24
- Q2 FY25 showing signs of recovery with positive footfalls
- Targeting 90,000 sq ft of new store additions in FY25, though delayed from Q1 to later quarters
- KLM Fashion Mall format expected to have flat to slightly positive growth in FY25
- Converting some Kalamandir stores to Varamahalakshmi Silks format
- Expanding into new geographies like Trichy, Pondicherry
- Adding new categories like lingerie to KLM Fashion Mall format
- Wedding season driving sales recovery in Q2
- Higher-value items (INR 30,000-50,000 range) seeing growth again
- More wedding dates in H2 FY25 compared to H1
- Heatwave, elections impacted Q1 performance
- Expecting double-digit revenue growth and ~17% EBITDA margin in Q2 FY25
- Targeting progressive margin improvement year-on-year going forward
- Aiming for 100 stores by end of FY26
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