India's Raymond Denim sales increase 31%

The Raymond Corporation of India announced the unaudited financial performance of the company for the quarter ended September 30, 2011.

In the quarter ended September 2011, Raymond’s consolidated net profit surged by 24% to Rs.81 crore due to strong cross-business support.

• Consolidated net sales growth of 25% to Rs. 978 crore • Comprehensive EBITDA (before interest-bearing tax depreciation and amortization) increased by 31% to Rs. 185 crore • Comprehensive profit margin expansion - EBITDA margin improved by nearly 100 basis points During the quarter ended September 30, 2011, textile (independent) sales increased by 26% to Rs 497 crore due to higher actual sales and sales growth support. Earnings before interest and taxes (EBIT) was Rs 97 crore, which was an increase of 8% over the same quarter of the previous year.

Quarterly sales of the branded apparel business increased by 29% to Rs 220 crore, and the EBITDA for the quarter was Rs 41 crore, an increase of 112% year-on-year. All core brand businesses have seen strong growth.

Raymond is still one of the largest professional textile and apparel retail networks in India. It operates 762 retail stores and has more than 1.54 million square feet of retail space, including 41 stores in the Middle East and South Asian Association for Regional Cooperation. Similar store sales increased by 6% during the quarter.

In the quarter that ended in September, Indian cowboy sales increased by 31%, actual sales increased by 33% to Rs. 191 crore, and EBlTDA was Rs. 20 crore in this quarter, a year-on-year increase of 5%.