Credo Brands Marketing aims for mid-teens revenue growth in FY25
08 August 2024, Mumbai
Supported by new store openings in both new and existing geographies, owner of the casual wear brand Mufti, Credo Brands Marketing aims to achieve mid-teens revenue growth in FY25.
Spurred by a recovery in overall industry demand for premium and mid-premium brands, the company also targets improved profitability by introducing various cost-efficiency measures.
In Q1, FY25, spanning April-June 2024, Credo Brands Marketing recorded a 14 per cent rise in net profit to Rs 10 crore ($1.2 million) as against Rs 8.5 crore in the corresponding quarter last year.
The company's revenue for the quarter increased by 5 per cent to Rs 124 crore compared to Rs 118 crore in the corresponding quarter of the previous fiscal year. Kamal Khushlani, Chairman and Managing Director, states, the market for premium and mid-premium branded apparel remained subdued due to consumer behavior influenced by an inflationary environment and a nationwide heatwave.
Despite these challenges, the company’s same-store sales grew by 3 per cent during the quarter. It anticipates improved demand and increased foot traffic in H2 FY25, driven by the marriage season and upcoming festivals.”
Credo Brands also expanded its total store count to 430 by adding five net new stores during the quarter. The company plans to open additional 25-30 new stores before the end of the current financial year.
