For the first fiscal quarter ended April 30, 2015, net revenue at Egyptian apparel retailer Arafa Holding climbed 9 per cent over the same period of previous fiscal.
Arafa Holding reported net revenues of $62.0 million during the first quarter of fiscal 015-16, up 9.0 per cent compared to $56.9 million it posted during first quarter of fiscal 2014-15.
“Top line growth was driven by retail revenues and the significant improvement in turnover in the textiles segment,” Arafa Holdings informed in a press release.
Operating profit (EBIT) stood at $2.1 million with a profit margin of 3.4 per cent during the reporting quarter, up from $1.8 million and a margin of 3.2 per cent in the same quarter of previous fiscal.
Arafa attributed the growth in operating profits to drop in selling, general and administrative (SG&A) expenses across group companies.
In the quarter under review, net profit amounted to $ 1.2 million, flat from a fiscal ago quarter and net profit margin of 1.9 per cent as against 2.2 per cent.
According to Arafa, net profit was affected due to an increase of the effective tax rate during the first quarter of fiscal 2016.
On a standalone basis, Arafa Holding reported a net loss of $697,000 in the three months to April 30, 2015.
Segment wise, luxury segment revenue clocked a 13.7 over the same quarter from earlier fiscal to reach $21.9 million.
The formal segment recorded revenues of $55.6 million, up 7.7 per cent over the first quarter of fiscal 2015.
Its British subsidiary, Baird Group and Swiss Garments Company S.A.E maintained their revenues during the first quarter of fiscal 2016 in comparison with the first quarter of prior fiscal.
The casual segment inked sales of $5.2 million in the reporting quarter as against $4.3 million in the fisrt quarter of last fiscal.
