Footwear retail chain Metro Brands reported a 54.63% increase in its consolidated net profit to Rs 100.85 crore for the third quarter ended December 2021.
The company had posted a net profit of Rs 65.22 crore in the October-December quarter of the previous financial year, Metro Brands Ltd (MBL), formerly known as Metro Shoes, said in a regulatory filing. .
Its total operating income increased by 59.02% to Rs 483.77 crore in the quarter under review from Rs 304.21 crore in the corresponding period of the previous financial year.
MBL’s total expenditure increased by 47.26% to Rs 362.59 crore in the third quarter of FY 2021-22 from Rs 246.21 crore a year ago.
MBL CEO Nissan Joseph said it was the best quarterly revenue, EBITDA and PAT in the company’s history.
“We are also encouraged by the growth we have seen across the multiple tiers of cities in which we operate and the continued growth of our e-commerce and omnichannel businesses,” he added.
As of December 31, 2021, MBL operated 629 stores across 140 cities in India.
Regarding the current situation, Joseph said, “We are closely monitoring potential disruptions from the current COVID situation and are ready to respond to local regulations, which may impact our sites, while keeping our customers and associates safe. as a priority”.
MBL had raised Rs 295 crore through the initial public offering in December last year.
Meanwhile, MBL, in a separate filing, informed on Friday that it is entering into a strategic partnership with wellness footwear brand FitFlop for the Indian market.
FitFlop was launched in 2007 by Canadian entrepreneur Marcia Kilgore, and her shoes are currently marketed and sold in over 60 countries around the world.
“Metro Brands has been selling FitFlop in India for four years and with this agreement, Metro Brands has secured exclusive rights to sell FitFlop for Indian markets in all formats including exclusive brand stores, multi-brand stores, airport services, distribution, online marketplaces and online store in India,” MBL said in a statement.
FitFlop shoes are biomechanically designed, designed to complement body structure, joint alignment and natural movement.
MBL is also Crocs’ national retail partner in India and operates 159 stores.
(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear reader,
Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.
As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.
Support quality journalism and subscribe to Business Standard.
digital editor
