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.
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