16 November 2022, Mumbai:
For the second quarter, Khadim’s revenue from operations rose 15 percent year on year. Though consolidated net profit declined in the second quarter, the footwear retailer saw an increased demand for its products riding on the festive season resulting in the brand continuing its healthy business performance during the quarter.
The first festive season without the long shadow of the pandemic saw buoyant consumers with a propensity to spend higher than average. This has stimulated business growth and helped the company record a healthy number this quarter.
The premium product portfolio with affordable pricing has received significant consumer response and Khadim will continue to build on the same which will appeal to the target audience. The company opened a total of 58 stores across India in the first half of the fiscal year 2023, of which 33 stores were opened in the second quarter.
During this period, with expansion in Tier II and III locations through its asset-light strategy, its total stores tally reached 826. The retailer plans to expand its retail stores to penetrate target markets to equip people with affordable fashion footwear and continue its growth momentum.
Currently, five percent of sales come from e-tailing, and going forward Khadim expects this to go up by ten percent.
