Liberty Shoes net profit jumps 76 percent to Rs 2 crore
Indian footwear maker Liberty Shoes Ltd posted a 76 percent increase in its net profit to Rs 2 crore (approx $272,423) for the second quarter ended September 30, 2018. The company had reported a net profit of Rs 1.14 crore during the same period in the previous fiscal.
The company’s net sales also rose 33 percent to Rs 167 crore (approx $22.8 million) as compared to Rs 126 crore it had posted during the period ended September 30, 2017.
Liberty witnessed a 39 percent growth in terms of pairs sold during the quarter and managed to sell 13 lakh pairs of footwear during the three months of the quarter. The company’s exports also picked up during the quarter and witness a growth of 59 percent.
Commenting on the positive development in the footwear sector, Adesh Kumar, CEO of the company said, “The overall footwear industry is very optimistic right now with growing awareness about the latest trends and consciousness among consumers. India has a lot of potential in tier II, tier III cities and towns and therefore, Liberty is constantly entering these towns and tapping the potential market.”
During the quarter, Liberty also made its entry into the lifestyle segment with the launch of its new range of perfumes. In the coming months, the company wants to widen its portfolio and establish itself as a complete lifestyle brand.
Liberty Shoes currently has a total of 400 flagship stores across India and is present in over 5,000 multi-brand outlets and also retails from its own e-commerce store.
Copyright © 2023 FashionNetwork.com All rights reserved.