Raymond Lifestyle Grapples with Losses Amid System Outages
Raymond Lifestyle reported a net loss of Rs 44.95 crore in the March quarter, impacted by weaker consumer demand and system outages from a ransomware attack. Revenue declined by 11.3%, affecting profitability across segments. Despite challenges, the company expanded its retail footprint, adding 170 new stores.
- Country:
- India
Raymond Lifestyle has reported a consolidated net loss of Rs 44.95 crore for the March quarter. The losses were primarily due to diminished consumer demand and operational disruptions caused by a ransomware attack.
The firm's revenue from operations fell by 11.3% to Rs 1,494.15 crore from the same period last year. Notably, this decline was exacerbated by system outages that adversely impacted sales and supply chains.
In a year marked by economic challenges, Raymond Lifestyle continued to pursue its retail expansion strategy, launching 170 new stores despite the financial pressures.
(With inputs from agencies.)
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