Metro Brands reports 126.3% rise in Q4 net profit
Footwear retail chain Metro Brands has reported 126.3 per cent increase in its consolidated net profit to Rs 155.57 crore in the fourth quarter ended March 31, 2024. It had reported a consolidated PAT of Rs 68.74 crore in a similar period, a year ago.
The company's total income increased by 7.8 per cent to Rs 607.33 crore in Q4 FY24, as against 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.
Nissan Joseph, CEO, Metro Brands says, despite the high base effect in FY23 due to post-COVID-19 easing, the company’s sales grew by 11 per cent Y-o-Y. Additionally, its sales per square foot increased from Rs 17,500 per sq ft. in FY'19 to Rs 18,700 per sq ft in FY24, reflecting the company’s successful adaptation to the new market conditions and the ongoing normalisation post-COVID.
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.
