Liberty Shoes Q3 net profit declines 55 percent to Rs 1 crore
Indian footwear maker Liberty Shoes Ltd witnessed a 55 percent drop in its net profit to Rs 1 crore ($1,40,183) for the third quarter ended December 2018 as against the Rs 3 crore it had posted during the corresponding quarter last fiscal.
The company’s sales also declined 11 percent to Rs 145 crore in the quarter ended December 2018 as against Rs 163 crore during the previous quarter last year.
The company attributed the drop in Q3 numbers to an early supply of orders this year. Liberty’s lifestyle segment which was launched in October last year generated revenue of Rs 1.3 crore during the quarter.
Liberty is betting big on the fragrance segment for growth and feels that it has huge potential to augment the company’s performance in the long run.
Commenting on the results, Adesh Kumar CEO of the company in a statement said: “The downfall in Q3 sales is because of early supply of major traded institutional order during Q2 itself as against last year supply made in Q3 as a result of which overall 9 months sales have improved but Q3 appears to be lower than last year.
“Export sales have started picking up and registered an overall growth of 86 percent during the quarter giving the company the confidence to expand its overseas business for which we plan to establish a place of business in the Middle East,” he added.
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.
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