30 October 2024, Mumbai
Parent company of men’s casual wear brand Mufti, Credo Brands Marketing reported a 5 per cent decline in net profit to Rs 26 crore ($3 million) in Q2, FY25 as against Rs 28 crore in the corresponding quarter last year.
The company’s revenue for the quarter rose by 12 per cent to Rs 186 crore, as against Rs 166 crore in the corresponding quarter of the previous fiscal year.
Kamal Khushlani, Chairman and Managing Director, Credo Brands Marketing says, despite facing a challenging external environment, the company demonstrated a steadfast commitment to driving growth. The company’s profit margins were impacted during the quarter due to a subdued demand due to external factors, including a reduced number of wedding dates, unprecedented heavy rains in September, and generally subdued discretionary spending.
Driven by the festive season and upcoming marriage, demand is expected to revive in the coming months. The company also aims to improve its digital presence besides growing its direct-to-consumer business in Meta and Google, Khushlani adds.
In H1, FY25, Credo Brands Marketing opened 17 new stores to take its total count to 427. It plans to further expand its retail presence by adding 20-25 new stores in the second half of the year.
