Due to poor market conditions and increased expenses, Raymond Lifestyle Ltd. reported a 60.5 per cent drop in consolidated net profit at approximately US $ 7.4 million for the third quarter that concluded on 31st December 2024.
In the same quarter of the previous fiscal year, the company had a net profit of about US $ 19.36 million. Revenue from operations for the reviewed quarter was approximately US $ 211.1 million, compared to US $ 207.1 million for the same period last year.
Compared to the similar period last fiscal year, when total expenses were about US $ 187.2 million, the third quarter’s total expenses were about US $ 204.6 million. According to the corporation, the cost of materials used increased to approximately US $ 44.5 million from US $ 41.1 million during the same time last year.
The business reported that, mostly due to lower consumer demand, its branded textile segment revenue fell 6 per cent to about US $ 102.2 million in Q3 FY ’25 from US $ 112.2 million in Q3 FY ’24.
However, the income from the branded clothing market increased to about US $ 54.8 million in the third quarter from US $ 52.7 million in the same time last year. According to the corporation, the performance was caused by a new line of products that were introduced during difficult market conditions and low consumer demand.
While the high-value cotton shirting segment reported lower revenue of about US $ 24.3 million in the third quarter compared to US $ 26.0 million in the corresponding period last fiscal year, the garmenting segment reported revenue of about US $ 37.2 million in Q3 FY ’25, compared to US $ 31.5 million in the same quarter last year. This was due to weak consumer demand.
According to the corporation, in the third quarter of the current fiscal year, 61 new stores were opened.
Raymond Lifestyle stated that its key goal going ahead is still to create a long-lasting, sustainable company by ongoing investments in marketing, product development, and retail outlet expansion.
