Relaxo Footwears Q2 Net up 13.42 per cent at Rs 11.66 crore

NEW DELHI: Footwear firm Relaxo Footwears Ltd today reported 13.42 per cent increase in net profit at Rs 11.66 crore for its second quarter ended September 30.

The company had reported a net profit of Rs 10.28 crore in the July-September quarter of last fiscal.

Relaxo Footwear's net sales stood at Rs 263.35 crore during second quarter of 2013-14, up 8.71 per cent, compared to Rs 242.23 crore in the same period last fiscal, the company said in a BSE filing.

Citing economic slowdown as the reason for decline in sales, the company said: "Due to slowdown in economic conditions, revenue growth has been hampered. Moreover, this period is always under pressure due to lean season in footwear demand."

Overall expenses during the quarter under review were at Rs 244.78 crore, an increase of 9.03 per cent, compared to Rs 224.5 crore in the same period last year.

The company said it is working on rationalisation of non-performing retail shoppes by either closing or dislocating.

Shares of the Relaxo Footwears were trading at Rs 886 per scrip in the afternoon trade, down 2.44 per cent from its previous close on the BSE.