Mumbai, August 10th, 2024: Metro Brands Limited, one of the largest Indian footwear specialty retailer, today announced the Standalone and Consolidated Financial Results for the quarter ended June 30, 2024.
During Q1 FY 2025, Metro Brands Limited achieved a standalone revenue of Rs 563 crores and maintained a stable gross profit margin of 60% and PAT margin of 16% demonstrating resilience and efficient operational control. This was despite significantly lower wedding dates this quarter compared to Q1 of last year, loss of business days to support the elections and subdued footfall due to intense heatwave which resulted in muted Y-o-Y growth. With 15 net store additions during this quarter, the company is on track to open 100 stores this year and expects to open the first Foot Locker store in the third quarter of fiscal year 2025.
The Company earlier announced that it has appointed Mr. Mohit Dhanjal as Chief Operating Officer to enhance operational efficiency and increase management bandwidth for growth. Furthermore, Metro Brands Limited’s newly announced partnership with New Era diversifies its product portfolio and strengthens its market presence.
Commenting on the quarter’s performance, Mr. 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 in 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.”
