Dollar Industries Q2 net profit dips 30 percent, names new CFO
today Nov 13, 2019
Dollar Industries Ltd witnessed a 30 percent decline in its net profit to Rs 14 crore ($2 million) for the second quarter ended September 30, 2019, as against Rs 20 crore it had reported in September 2018.
The company’s sales revenue for the quarter under review rose by 0.19 percent to Rs 243 crore, from Rs 242.78 crore it had reported in the year-ago period.
Dollar Industries Ltd’s earnings before interest, tax, depreciation, and amortization for the quarter saw a 35 percent drop to Rs 24 crore, from Rs 36 crore it had reported in the corresponding quarter last fiscal.
Menswear brand Dollar Bigboss was the highest contributor to the company's overall revenue, followed by womenswear brand Dollar Missy.
In its quarterly update, the company also informed that it has elevated Ankit Gupta to the position of chief financial officer.
With muted growth in the first half of the fiscal year, Dollar will be venturing into new retail formats like large format stores, e-commerce, and also open exclusive brand outlets in the coming months to boost sales.
Dollar Industries is currently present in more than 95,000 multi-brand outlets across the country. The company also sells through its online portal and some e-commerce sites in India.
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