Timex Group posts Q3 net loss of Rs 7 crore

By

Maverick Martins

Published
Feb 3, 2023

Watches and accessories major Timex Group India Ltd’s net loss widened by 31 percent to Rs 7 crore ($854,314) for the third quarter ended December 2022, as against a net loss of Rs 5 crore reported in the year-ago period.

The company’s revenue for the quarter rose by 29 percent to Rs 85 crore, as against Rs 66 crore reported in the corresponding period of the previous fiscal year.

Despite a poor quarter, Timex has been profitable this financial year with a net profit of Rs 24 crore and revenue of Rs 300 crore during the 9 months period.

“The quarter saw good business performance led by luxury and fashion segments. Q3 FY22-23 delivered 29 percent revenue growth versus last year continuing the trend from the last 2 quarters,” the company said in a statement.

“Excellent performance of new product launches in Timex brand is a great sign of brand being able to capture the pulse of market,” it added.

Timex Group companies produce watches under several brands, including Timex, Guess, Versace, Salvatore Ferragamo, GC, Furla, Missoni, Adidas, Nautica, and Ted Baker.