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LFS partner format changes may lead to further store closures
View Risks →Go Fashion (India) Limited — Q3 FY26
Go Fashion reported Q3 FY26 revenue of ₹195 crore and EBITDA of ₹52 crore (26.7% margin), with PAT at ₹7 crore.
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Go Fashion reported Q3 FY26 revenue of ₹195 crore and EBITDA of ₹52 crore (26.7% margin), with PAT at ₹7 crore. Same-store sales growth (SSG) remained negative at -5%, driven by weak footfalls and a 30% drop in LFS channel sales due to a key partner pausing inventory intake for 45 days. Management attributed the softness to industry-wide discretionary slowdown and smaller store underperformance. Guidance is cautious: store additions for FY26 are expected at 60-70 (49 added in 9M), but FY27 expansion will be muted, prioritizing SSG recovery to flattish then low single-digit positive. The daily concept pilot (6 stores) is progressing but not expected to drive near-term growth. Risk: LFS partner format changes could lead to further store closures, with management unable to provide clarity on future impact.
गो फैशन ने तीसरी तिमाही में 195 करोड़ रुपये की कमाई और 52 करोड़ रुपये का EBITDA (कमाई पर 26.7% मुनाफा) दर्ज किया। शुद्ध लाभ 7 करोड़ रुपये रहा। पुराने स्टोरों की बिक्री में 5% की गिरावट आई, क्योंकि दुकानों पर कम लोग आए और एक बड़े पार्टनर ने 45 दिनों तक नया स्टॉक नहीं लिया, जिससे LFS चैनल की बिक्री 30% घट गई। कंपनी का कहना है कि पूरे उद्योग में खर्च कम हुआ है और छोटे स्टोर अच्छा प्रदर्शन नहीं कर रहे। अब सावधानी बरती जा रही है: इस साल 60-70 नए स्टोर खुलेंगे (अब तक 49 खुले), लेकिन अगले साल विस्तार धीमा रहेगा। पहले पुराने स्टोरों की बिक्री सुधारने पर ध्यान दिया जाएगा। 6 स्टोरों का नया प्रयोग चल रहा है, लेकिन इससे जल्दी फायदा नहीं होगा। खतरा: LFS पार्टनर के बदलावों से और स्टोर बंद हो सकते हैं, जिसका असर साफ नहीं है।
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Read Transcript →Quarter Snapshot
Same-store sales growth (SSG)
-5%
-5pp YoY
SSG remained negative for the third consecutive quarter, impacted by weak footfalls and smaller store closures.
Non-leggings contribution to sales
65%
+15pp YoY
Mix shift towards value-added products (trousers, palazzos) continues, up from <50% historically.
Inventory days
114 days
+14 days YoY
Inventory days increased due to muted sales; management targets stabilization at 85-90 days.
LFS channel sales decline
-30%
-30pp YoY
LFS sales dropped sharply as a key partner paused inventory intake for 45 days, impacting Q3 revenue.
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Guidance and risk preview
Management expects to close FY26 with 60-70 net store additions, with 49 added in the first 9 months.
A key LFS partner rebranded stores, causing Go Fashion to exit 137 stores.
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