Despite the COVID-19 disruptions, footwear major Liberty Shoes remains optimistic about its future and foresees sales picking up again during the autumn/ winter season due to its festive and marriage seasons.
As per Fashion Network, the brand’s second quarter net loss widened to Rs 2 crore ($2,68,715) against a net profit of Rs 6 crore it reported a year-ago. Revenue declined by 28 per cent to Rs 97 crore against Rs 134 crore it had posted in the corresponding period last year. Liberty Shoes’ reported a fall of Rs 650 crore in revenues for FY2020 and expects it to decline by 45 per cent this financial year due to sales disruption and altered customer demand caused by coronavirus and the pan-India lockdown.
Liberty Shoes has 400 flagship stores across India and is present in over 5,000 multi-brand outlets. It also retails from own e-commerce store and has plans of adding 50 to 100 new stores every year. However, offline expansion are deferred due to the pandemic.