Khadim India Q3 net profit plummets 55 percent to Rs 4 crore
today Feb 22, 2019
Footwear retailer Khadim India Ltd’s net profit for the third quarter declined 55 percent to Rs 4 crore ($562,000) due to poor sales during the October-December period. The company had posted a net profit of Rs 9 crore during the corresponding quarter of previous fiscal.
Drop in footfalls across the country led to a 14 percent drop in the company’s revenue to Rs 176 crore for the quarter as against Rs 205 crore it had posted in the previous year quarter.
The company engaged in footwear and accessories business attributed the drop in revenue and profit to a slowdown in sales in the North Eastern market and growing competition mainly from rival Bata India.
Khadim India claimed that Bata India’s aggressive marketing and new product launches led to a drop in sales at its stores. Interestingly, Bata India had witnessed a 51 percent surge in net profit to Rs 108 crore during the third quarter ended December 2018 with revenue of Rs 779 crore on the back strong sales
Khadim India manufactures and retails footwear under its flagship brand, Khadim’s. Apart from Khadim’s brand, the company has nine sub-brands British Walker, Lazard, Turk, Pro, Sharon, Cleo, Softouch, Adrianna and Bonnite.
The brand now has well over 800 retail outlets across India and also sells its products through its own e-commerce site and other online platforms.
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