Liberty Shoes posts Q3 net profit of Rs 6 crore
Footwear major Liberty Shoes Ltd reported a 299 percent surge at Rs 6 crore ($822,647) in its net profit for the third quarter ended December 2020, as against a net profit of Rs 1 crore it reported in the corresponding period last year.
The company’s revenue for the quarter was down by 2 percent to Rs 147 crore, as against Rs 150 crore it had reported in the year-ago period.
Commenting on the Q3 performance, Adesh Gupta, CEO and executive director of Liberty Shoes, in a statement said: “The company has started witnessing the improvements at sales front during the period October-December 2020 after a long sluggishness in retail post lockdown due to the continued impact of Covid-19.”
“The company is very much optimistic in respect of fast revival of the demand at the retail front in the quarter to come and does not foresee much financial challenges ahead due to its order book for bulk government supplies. Further, the company, assuming the increased demand next year, is planning to launch new products/brands at affordable pricing to capture the increased demand and restore its sales with the new growth,” he added.
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 e-commerce store.
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