Page Industries Q4 net profit down 20 percent to Rs 75 crore
today May 27, 2019
Page Industries, the exclusive licensee of US-based Jockey International Inc witnessed a 20 percent drop in its net profit to Rs 75 crore ($10.8 million) for the fourth quarter ended March 2019, as against Rs 94 crore it had posted during the previous quarter last fiscal.
The company’s sales were down to Rs 608 crore in the quarter as against Rs 608.40 crore it had reported during the previous quarter ended March 2018.
For the full year, Page Industries net profit jumped 14 percent to Rs 394 crore in the year while its sales rose 12 percent to Rs 2852 crore.
Commenting on the results, Sunder Ashok Genomal, managing director at Page Industries Ltd, in a statement said: "2018-19 was an eventful year for the company witnessing steady sales growth in both volume and value despite challenging macro and micro market conditions. The reported negative growth in net profit of Q4 2018-19 is a result of the one-time gain from sales schemes reversals and GST trans credits in Q4 2017-18, and the higher sales schemes incurred in Q4 2018-19.
"This year also marked the official entry of Jockey into the kids apparel space. The coming year shall see investment in sales and marketing to build the requisite infrastructure to build an independent sales network for the juniors' business,” he added.
Page Industries currently has 620 Jockey exclusive brand stores and sells in over 800 departmental stores and 50,000 plus multi-brand retail stores. The company has also strengthened its online presence and sells on all e-commerce channels generating sales worth Rs 100 crore.
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