Liberty Shoes records 299 % surge in Q3 net profit

Footwear major Liberty Shoes reported a 299 percent surge at Rs 6 crore ($822,647) in its net profit for the third quarter ended December 2020, as against a net profit of Rs 1 crore it reported in the corresponding period last year.

The company’s revenue for the quarter was down by 2 percent to Rs 147 crore, as against Rs 150 crore it had reported in the year-ago period.

Adesh Gupta CEO and Executive Director said,the company has started witnessing the improvements at sales front during the period October-December 2020 after a long sluggishness in retail post lockdown due to the continued impact of COVID-19.”

Assuming the increased demand next year, the company is planning to launch new products/brands at affordable pricing to capture the increased demand and restore its sales with the new growth.

Liberty Shoes currently has a total of 400 flagship stores across India and is present in over 5,000 multi-brand outlets. It also retails from its e-commerce store.