Metro Brands posted a good profit in the December end of the current fiscal
New Delhi:
Metro Brands, the shoe retailer, reported a 54 percent increase in consolidated net profit to Rs 100.85 crore for the third quarter ended December 2021.
The company recorded a net profit of Rs 65.22 crore during the corresponding period of last year. Metro Brands Ltd (MBL), formerly known as Metro Shoes, provided this information in a regulatory filing.
Total operating income rose 59.02 percent to Rs 483.77 crore during the quarter under review, from Rs 304.21 crore in the corresponding period of the previous fiscal year.
The total cost of MBL increased by 47.26 percent to Rs 362.59 crore in Q3 FY 2021-22, compared to Rs 246.21 crore in the same period a year ago.
MBL CEO Nissan Joseph said it had the best quarterly revenue, EBITDA and PAT in the company’s history.
“We are also encouraged by the growth we have seen in the various cities in which we operate and the continued growth of our e-commerce and omnichannel business,” he added.
As of December 31, 2021, MBL operated 629 stores in 140 cities in India.
Speaking about the current situation, Joseph said: “We are closely monitoring the potential disruptions from the current COVID situation and are ready to respond to local regulations, which may affect our locations, while ensuring the safety of our customers and keep employees as a priority”.
MBL had raised Rs 295 crore through its first public offer in December last year.
Meanwhile, MBL had announced in a separate application Friday that it would enter into a strategic partnership with the wellness shoe brand FitFlop for the Indian market.
FitFlop was launched in 2007 by Canadian entrepreneur Marcia Kilgore, and his shoes are currently marketed and sold in more than 60 countries worldwide.
FitFlop’s footwear is biomechanically engineered, designed to complement body structure, joint alignment and natural movement.
MBL is also the national retail partner for Crocs in India, operating 159 stores.
