Timex Group India posts Q3 net loss of Rs 5 crore
Leading watchmaker Timex Group India Ltd reported a net loss of Rs 5 crore ($7 million) for the third quarter ended December 2021, as against a net profit of Rs 4 crore it reported in the corresponding period of previous fiscal year.
The company’s revenue for the quarter rose by 22 percent to Rs 65 crore, as against Rs 53 crore in posted in the year-ago period.
Timex Ltd’s total expenses during the quarter stood at Rs 71 crore.
“The e-commerce channel continued to lead the growth on account of attractive consumer events. Offline retailers across channels also reported improvement in sales and footfalls with the approach of Diwali,” Timex said in its quarterly update.
“Good recovery was recorded in most markets across the country, with tier 2/3 performing better than metro cities,” it added.
Despite the disruptions caused by the Covid-19 pandemic, Timex sees huge potential for growth in the Indian market. Currently, India is the third-largest market for the brand globally and it is optimistic of 20 percent annual growth for the next five years.
Timex Group companies produce watches under a number of brands, including Timex, Guess, Versace, Salvatore Ferragamo, GC, Furla, Missoni, Adidas, Nautica, and Ted Baker.
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