New Delhi: Footwear retail chain Metro Brands, on Thursday has reported 126.3 per cent increase in its consolidated net profit to Rs 155.57 crore in the fourth quarter ended March 31st, 2024. It had reported a consolidated PAT of Rs 68.74 crore in a similar period, a year ago, the company said in a regulatory filing.
The company’s total income stood at Rs 607.33 crore in Q4 FY24, 7.8 per cent up from Rs 562.87 crore in the same period of the previous fiscal.
Its total expenses also grew to Rs 503.73 crore in Q4 FY24 from Rs 468.28 crore in Q4 FY23.
Metro Brands’ total income stood at Rs 2,427.52 crore in the fiscal year 2023-24 as compared to a total income of Rs 2,181.51 crore in the previous fiscal, as per the BSE filing.
On the company’s financial performance, Nissan Joseph, CEO, Metro Brands Limited, said, “Despite the high base effect in FY23 due to post-COVID-19 easing, I am pleased to see our sales grow by 11% YoY. 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.”
He further shared, “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.”
Metro Brands has extended its retail agreement with Crocs. It has gained exclusive rights to operate and own Crocs stores across western and southern India. Additionally, the company will continue to operate all existing stores in northern and eastern India. During the year, a total of 97 net stores were opened, showcasing the growth and expansion of the company.
