Liberty Shoes Q1 profit doubles to Rs 2 crore

By

Maverick Martins

Published
Aug 13, 2018

Liberty Shoes profit for the first quarter ended June 2017 more than doubled to Rs 2.26 crore as against 1.07 crore it had reported for the same quarter in the previous fiscal.

The company’s revenue also jumped 14 percent to Rs 146 crore (approx $21.2 million) from Rs 129 crore it had reported in the corresponding quarter of last year.
 
Commenting on the results and performance, Adesh Gupta, CEO, in a statement said, “During the quarter, domestic sales increased by 15 percent from Rs 120 crore to Rs 139 crore. The FOCO model launched last year has been showing impressive results besides easing out the working capital cycle of the company. The focus is on domestic sales to improve and capture the growing market in the coming years.”

“Overall footwear industry is very optimistic right now with growing awareness about the latest trends and consciousness among consumers. Consumer’s increased exposure to plastic money and imposition of GST is going to provide more organised retailing and trade transparency in long-term”, he added.
 
Liberty as part of its expansion plan is looking to tap the potential in tier 2, 3 cities and will be opening stores in these areas in the coming months.
 
Liberty Shoes currently has a total of 400 flagship stores across India and is present in over 5,000 multi-brand outlets (MBOs) and the Gurgaon-based brand also retails from its own e-commerce store.