Page Industries Q1 net profit down 11 percent
Page Industries Ltd, which sells Jockey innerwear in India, witnessed a slowdown in sales in the first quarter, resulting in an 11 percent drop in net profit to Rs 111 crore ($15.6 million).
The company had reported a net profit of Rs 124 crore during the corresponding period of the last financial year.
Page Industries revenue grew by a tepid 2 percent to Rs 835 crore, against Rs 815 crore it had reported in the same quarter last year.
The company’s earnings before interest, tax, depreciation, and amortization (Ebitda) fell to Rs 187 crore during the April-June period.
The drop in profit and revenue was attributed to a slowdown in the economy, coupled with low footfalls at the company’s stores across India.
To revive its fortunes, Page Industries has planned aggressive expansion and will double its store count over the next few years. The company will also increase its manufacturing capacity and will enter new segments, with plans for a kid’s category for future growth in the Indian market.
Page Industries is the exclusive licensee of U.S. brand Jockey International Inc in India, Sri Lanka, Bangladesh, Nepal, the UAE, Oman and Qatar, as well as Speedo International Ltd. (UK) in India and Sri Lanka.
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