Liberty Shoes Q2 net profit jumps 178 percent to Rs 6 crore
Indian shoemaker Liberty Shoes Ltd witnessed a 178 percent surge in its net profit to Rs 6 crore ($8,31,778) for the second quarter ended September 2019, as against Rs 2 crore it had reported in the year-ago period.
The company managed to achieve a rise in profit, despite poor sales due to the economic slowdown. Liberty’s sales revenue for the quarter under review dropped 20 percent to Rs 134 crore.
It had reported sales revenue of Rs 167 crore during the July-September period of the fiscal year 2018.
Liberty’s earnings before interest, tax, depreciation, and amortization was also down 17 percent for the quarter to Rs 9 crore, from Rs 11 crore in September 2018.
The company is hoping for a revival in the second half, on the back of its retail expansion, which includes the opening of 50 new stores and festive season sales. It is looking to generate 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 and also retails from its e-commerce store.
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