
Metro Brands Limited, a prominent footwear specialty retailer in India, has released its standalone and consolidated financial results for the quarter and fiscal year that concluded on March 31, 2024.
Due to persistent customer demand and strategic initiatives, Metro Brands Limited reported standalone sales of Rs. 2,305 crores in FY ’24, representing a Y-o-Y revenue gain of 11 per cent. The company saw a 10 per cent Y-o-Y increase in revenue in Q4 of FY ’24. For the fourth quarter and the entire fiscal year FY ’24, e-commerce sales (including omni-channel) were Rs. 41 crores and Rs. 215 crores, respectively; this represents Y-o-Y growth of 25 per cent and 33 per cent. Additionally, the business recorded a 58 per cent gross margin and an 18 per cent PAT margin in FY ’24. There are 97 net new stores opening for the year.
In addition, Metro Brands Ltd. expanded its retail partnership with Crocs India during this quarter, giving them the sole authority to manage and own Crocs stores in the western and southern regions of India. Additionally, MBL will be granted the authority to maintain, renew, and run every one of the current stores that are running in the northern and eastern regions of India.
Commenting on the performance of the company Nissan Joseph, CEO, Metro Brands Limited, said, “Despite the high base effect in FY ’23 due to post Covid-19 easing, I am pleased to see our sales grow by 11 per cent Y-o-Y. Additionally, our sales per square foot have increased from Rs. 17,500 per sq.ft. in FY ’19 to Rs. 18,700 per sq.ft. in FY24, reflecting our successful adaptation to the new market conditions and the ongoing normalization post-Covid. Our strategic initiatives and robust operational frameworks have enabled us to maintain our performance, ensuring that we continue to meet the needs of our customers and stakeholders effectively. We are confident that our agility and customer-focused approach will continue to drive growth.”