Liberty Shoes Ltd Q3 net profit jumps 19 percent to Rs 1.4 crore
India’s leading footwear maker Liberty Shoes Ltd witnessed a 19 percent surge in its net profit to Rs 1.4 crore ($1,96,516) for the third quarter ended December 2019, as against Rs 1.2 crore it had reported a year ago.
The company’s revenue for the quarter rose three percent to Rs 150 crore, as compared to Rs 145 crore it had reported in the corresponding quarter of the previous fiscal year.
For the April-December period, Liberty Shoes reported net sales of Rs 452 crore with a net profit of Rs 9 crore for the 9 months ended December 31, 2019.
Liberty Shoes had subdued sales during the first and second quarter, on the back of the ongoing economic slowdown in the country. It managed to recover during the third quarter, due to strong festive season sales and expects to continue the growth momentum in the fourth quarter.
The company has planned a massive retail expansion, which includes the opening of 50 new stores. It is looking to generate an annual revenue of Rs 1,000 crore by 2020.
Liberty Shoes currently has a total of 400 flagship stores across India and is present in over 5,000 multi-brand outlets. It also retails from its own e-commerce store.
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