Metro Brands on the other hand posted better numbers than Relaxo with revenue growth of 47 per cent led by higher selling prices
Results for listed footwear makers in the July-September quarter were a mixed bag. While revenue growth for most of the bigger players was strong, margins were weighed down by raw material costs, advertising expenses, and volume pressures.
A majority of the players indicated demand weakness, especially in the mass-market segment, due to inflationary pressures and demand contraction in the semi-urban and rural markets.
Stock prices of major players are down over 5 per cent since their November highs, with Campus Activewear witnessing the highest selling pressure. The stock shed 18 per cent from its monthly highs, with 10.3 per cent of the losses coming on Friday.
First Published: Nov 14 2022 | 06:01 AM IST