One of the biggest speciality shoe retailers in India, Metro Brands Limited, has released its standalone and consolidated financial results for the quarter that ended on 30th June 2024.
Metro Brands Limited generated Rs. 563 crores in sales on its own during the first quarter of FY 2025 while maintaining a steady gross profit margin of 60 per cent and PAT margin of 16 per cent. This was in spite of the fact that there were much fewer weddings this quarter than in the first quarter of last year, that business days were lost to support the elections, and that the severe warmth dampened foot traffic, which prevented strong year-over-year increase. The company is on schedule to open 100 stores this year with 15 net store additions during this quarter. The first Foot Locker location is anticipated to open in the third quarter of fiscal year 2025.
In an earlier statement, the company said that Mohit Dhanjal has been appointed Chief Operating Officer in order to improve operational effectiveness and expand management’s capacity for expansion. In addition, Metro Brands Limited’s recently disclosed alliance with New Era enhances its market presence and broadens its range of products.
Commenting on the quarter’s performance, Nissan Joseph, CEO of Metro Brands Limited, stated, “Considering the double-digit Y-o-Y growth in Q1 over the past two years, along with the industry seasonal headwinds, the recent quarter was indeed challenging. Nonetheless, I am proud of the team’s operational controls and strategic execution. Our ability to maintain stable profitability and drive operational efficiency during such a period is commendable. Equally, we are excited about adding talent to our team and the upcoming opportunities including the launch of Foot Locker and the signing up of New Era, establishing our increasing foothold in the sports and athleisure category.”