BATA incurs first ever loss amid Covid 19!1 min read

In it’s 59 years of operations in Bangladesh, BATA has incurred the first ever loss in fiscal year 2020 largely because of reduced consumer spending amid the Covid-19 pandemic.

Bata faced a fall is sales of 41 per cent YoY to Tk 508 crore in 2020 from Tk 857 crore. The company incurred a massive loss of Tk132 crore subsequently. Despite incurring losses, it announced a 25 per cent cash dividend for shareholders.

Bata, a consumer favorite when it comes to shoes, had their earnings plummet in 2020 as retail sales slowed down especially during the festivals of Eid-Ul-Fitr, Eid-Ul-Azha, PahelaBaishak, and Puja due to the countrywide lockdown. The major festivals account up to 25-30% of the company’s yearly sales.

The company also incurred losses of Tk.4.9 crore in the quarter ending March of this year despite revenue surging 13% compared to the same period last year. The company reported the loss was incurred due to discounted sales and increased unavoidable expenses due to the second wave of Covid-19.

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