Apparel retailers to post operating losses in Q1FY21 as revenues plunge 80%

After a weak March quarter, apparel retailers are expected to face the brunt of the lockdown in the June quarter, with revenues falling over 80 per cent as compared to the year ago quarter.

Unlike retailers such as Avenue Supermarts which gets a majority of sales from groceries, apparel retailers have been operating with a minimal number of stores and are pegged back by ongoing restrictions. In addition to just one month of sales in the quarter, analysts at Antique Stock Broking believe that general trade and e-commerce gained market share at the expense of modern trade as consumer …