Liberty Shoes Q1 net profit up Rs 3.32 cr

Liberty Shoes has reported financial results for first quarter ended June 30, 2014 with net sales of Rs 101.98 crores compared to

Rs 112.93 crores during the same quarter, last year. The company has posted net profit of Rs 3.32 crore for the period under review against Rs 3.29 crore for the period ended June 30, 2013.

The company reported EPS of Rs 1.95 for the period compared to Rs 1.93 for the period ended June 30, 2013. The Board of Directors of Liberty Shoes, at its meeting held on July 23, 2014, has approved the company's plan to restructure its operations by consolidating the business. Liberty Shoes has added 21 new exclusive stores under company owned and company operated (COCO) and franchise format and plans to add 20 more new stores in the second quarter. In this quarter the company has witnessed a growth of over 14 percent in its own stores.

The brand has worldwide network of 150 distributors, over 500 showrooms and more than 6,000 multi-brand outlets. It has presence in over 25 countries, including major international fashion destinations like France, Italy and Germany. Coolers, Fortune, Tiptopp, Force 10, Senorita, Gliders, Footfun, Warriors, prefect and Windsor are the brand names that sell under Liberty.

After opening an exclusive store in Colombo, Liberty Shoes plans to open 30 MBOs displaying Liberty and DSI brands. It has partnered with D Samson and Sons, the marketing and distribution arm of DSI Samson Group as its strategic partner in Sri Lanka.