specialized in leather and footwear free Shoes Ltd saw net profit drop 63% to Rs 2 billion (USD 241,605) in the third quarter ending December 2022, compared with a net profit of Rs 5 billion announced in the same period a year ago. .
The company’s revenue for the quarter rose 5% to Rs 159 crore, compared with Rs 152 crore for the corresponding period of the previous financial year.
Liberty’s total expenses for the October-December quarter rose to Rs 156 billion from Rs 146 billion in the same period a year ago.
Commenting on the results, Liberty Shoes in a statement said, “The company has noticed continued demand through its online and offline stores for its products. In Q3, overall EBITDA in value fell by Rs 3 billion compared to the corresponding quarter of the previous financial mainly due to increased overhead and incurring planned marketing expenses to maximize customer acquisition. during the festive season, the results of which have not yet been concretized in the coming period.”
“The current financial year’s operating results so far have shown improvement in all aspects including profitability and the company expects to continue with this trend,” it added.
Liberty Shoes currently has a total of more than 400 flagship stores across India and is present in more than 5,000 multi-brand stores. It also retails from its e-commerce store.
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