India · Delayed Price · Currency is INR Go Fashion (India) Earnings Call Transcripts
Fiscal Year 2026
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FY 2026 saw a strategic pivot to larger stores and value-added products, with stable gross margins but margin pressure from transition costs. Positive SSG and margin recovery are targeted for FY 2027, supported by brand investments and store consolidation.
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Q3 FY26 saw revenue of INR 195 crores and stable gross margins, but was impacted by lower footfalls and a 30% drop in LFS sales due to a key partner's inventory pause. Expansion will be cautious, with focus on improving SSSG and operational efficiency.
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Revenue and profit grew modestly in Q2 FY26, with strong gross margins and disciplined store expansion. New product launches and pilots in top-wear and international markets are underway, while guidance for store additions was revised downward amid slow SSSG.
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Revenue remained stable at INR 223 crores in Q1 FY26, with gross margin improving to 63% and EBITDA margin at 30.8%. Store network expanded to 803, but SSSG declined 2% due to softer footfalls and supply chain issues. Expansion into new categories and markets continues.
Fiscal Year 2025
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Q4 FY25 revenue grew 13% YoY with strong EBITDA and PAT growth, while SSSG turned positive at 2.1%. The company is piloting new women's and men's everyday wear categories in select stores, maintaining robust cash flows and planning 120+ store additions in FY26.
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Revenue and EBITDA grew 11% and 9% YOY for the nine months, with strong margins despite flat SSSG and weak demand. Expansion continues with 80-90 new stores planned for FY25 and a focus on new markets, while cost control and product mix support profitability.
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Revenue grew 13% YoY in H1 FY25 to INR 429 crores, with EBITDA up 12% and margins stable despite soft demand. Store expansion continues with a focus on larger, more productive locations, and inventory days improved. Outlook remains optimistic for 15%-20% growth, supported by festive demand and operational efficiency.
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Q1 FY25 delivered 16% YoY revenue growth and strong cash flow despite sluggish retail demand, with inventory days reduced to 87 and a 97% Full Price Sales ratio. Expansion continues with 20 new stores and a Middle East entry, while EBITDA margin guidance remains at 19%-20%.