India's Page Industries jumps after upbeat sales
15/11/2019 06:44
** Shares in Page Industries PAGE.NS , Indian licensee of
Jockey innerwear and Speedo swimwear, up as much as 4.2%
** Co's Sept-quarter profit rises 24% to 1.15 bln rupees
($16 mln), revenue jumps 12% to 7.75 bln rupees
** Page had reported only a 2% revenue growth in the June
quarter, marking what the Economic Times said https://economictimes.indiatimes.com/industry/cons-products/garments-/-textiles/brief-warning-innerwear-sales-reveal-a-slowdown/articleshow/70694601.cms
was the weakest growth since 2008
** Page's upbeat results come as its innerwear industry
peers Rupa & Co Ltd RUCL.NS and Dollar Industries Ltd
DLLA.NS have warned of weakening demand amid a slowdown in
economic growth
** In September, a Rupa executive told http://bit.ly/2Kp37Q0
CNBC-TV18 consumers were not in a "very positive mood to buy,"
while Dollar's managing director said he hadn't witnessed such a
steep decline in his entire sales career
** Shares in Page, which this week marked 25 years of the
Jockey brand in India, have slid 32% since hitting a record high
in August 2018, although they are only down 2.6% this year
($1 = 71.3500 Indian rupees)
(Reporting by Sachin Ravikumar)
((saisachin.r@tr.com; +91 80 6749 7649; Twitter: @sachinr27))