Apex Footwear Posts Impressive 29% Increase in Q3 Profit With 250 Retail Stores In Bangladesh

Apex Footwear Ltd's Q3 profit surged by 29%, reaching $139,264.47. Revenue rose by 9.3% to $3,372,477.05. Despite a dip in overall profit for FY2023-24, the company's cash flow and asset value showed positive trends
Apex Footwear Posts Impressive 29% Increase in Q3 Profit With 250 Retail Stores In Bangladesh

Apex Footwear Ltd has announced a notable 29 percent increase in profit for the January-March quarter of the current fiscal year. The leading leather footwear manufacturer and exporter reported a profit of $139,264.47, marking a substantial rise from $107,462.61 in the corresponding quarter of the previous fiscal year.

The company’s unaudited financial statement for the third quarter of 2023-24 revealed a commendable 9.3 percent increase in revenue, rising to $3,372,477.05 compared to $3,082,209.15 in the same period last year. This increase in revenue has also been reflected in the earnings per share, which climbed to $0.97 from $0.75, underscoring Apex Footwear’s strong financial performance in the recent quarter.

Despite the impressive quarterly results, Apex experienced a slight setback in its overall profit for the fiscal year ending March 2024. The company’s profit dipped to $534,588.28 for the period of July-March, marking a 22 percent decline from $685,007.94 in the corresponding period of the previous fiscal year. However, the net operating cash flow per share showcased a positive trend, rising to $7.80 from $7.18, indicative of the company’s robust cash position and operational efficiency.

Moreover, Apex Footwear demonstrated an increase in its net asset value per share, reaching $1.87 as of March 31 this year, compared to $1.86 on June 30 last year. This uptick underscores the growing overall value of the company and its commitment to enhancing shareholder value over time.

Established in 1990 as an export-oriented factory, Apex Footwear has steadily expanded its operations over the years. In 1993, the company made its foray into the public domain and invested in backward linkages to bolster its production capabilities. Notably, Apex set up an effluent treatment plant in 1996, underscoring its commitment to sustainable practices.

Building on its success, Apex launched its retail arm, Gallerie Apex, in 1997, marking a significant milestone in its brand journey. Subsequently, the company embarked on brand building initiatives with Apex and Moochie in 2000, further solidifying its market presence and consumer appeal. In a strategic move to enhance operational efficiency, Apex adopted the factory-direct model in 2006, streamlining its production processes and supply chain management.

Fast forward to 2018, Apex Footwear has emerged as the largest retail chain in Bangladesh, boasting an extensive network of over 250 stores nationwide, as highlighted on its website. This expansive reach underscores Apex’s strong foothold in the domestic market and its unwavering commitment to delivering quality footwear products to consumers across the country.

In conclusion, Apex Footwear’s impressive financial performance in the third quarter of the fiscal year underscores its resilience and market competitiveness amidst challenging economic conditions. With a steadfast commitment to innovation, sustainability, and customer satisfaction, Apex is well-positioned to navigate future uncertainties and drive sustainable growth in the footwear industry.

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