Liberty Shoes reports Q2 net loss of Rs 2 crore
Footwear major Liberty Shoes Limited reported a net loss of Rs 2 crore ($2,68,715) in the quarter ended September 2020, as against a net profit of Rs 6 crore it had reported in the year-ago period.
The company’s revenue for the quarter declined by 28 percent to Rs 97 crore, as against Rs 134 crore it had posted in the corresponding period last year.
Liberty Shoes expects its revenue to fall by up to 45 percent this financial year due to sales disruption and altered customer demand caused by coronavirus and the pan-India lockdown. It had reported a revenue total of Rs 650 crore for the 2020 financial year.
Despite the Covid-19 disruptions, the company remains optimistic about the future and foresees sales picking up again during the autumn/winter season due to its festive and marriage seasons.
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.
The company had plans to add 50 to 100 new stores every year, however, the offline expansion has been kept on hold at the moment due to the Covid-19 pandemic.
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