Khadim India reports Q1 net loss of Rs 11 crore
Footwear major Khadim India Ltd reported a net loss of Rs 11 crore ($1.4 million) for the first quarter ended June 2021, as against a net loss of Rs 28 crore in the year-ago period.
The company’s revenue for the quarter rose by 46 percent to Rs 88 crore, as against Rs 60 crore it reported in the corresponding period of the previous fiscal year.
“After having most of our store network open in Q4FY21, we saw footfalls recover to the pre-pandemic levels. Unfortunately, the encouraging trend was halted by the emergence of the second wave of Covid. In May 2021, we witnessed store closure across many states due to lockdown and gradual reopening started from June 2021,” Khadim said in its quarterly earnings report.
“Revenue impact owing to lockdown was less severe compared to Q1FY21. Gross Margins for the quarter improved substantially year-on-year in both retail and distribution verticals,” it added.
Khadim India manufactures and retails footwear under its flagship brand, Khadim’s. The brand now has over 800 retail outlets across India and sells its products through its e-commerce site and other online platforms.
Copyright © 2021 FashionNetwork.com All rights reserved.