Metro Brands, the footwear retail chain, has reported a remarkable 126.3 percent increase in its consolidated net profit, reaching INR 155.57 crore in the fourth quarter ended March 31st, 2024. This substantial growth contrasts with the consolidated PAT of INR 68.74 crore reported in a similar period one year ago, as indicated in the company’s regulatory filing.
In Q4 FY24, the company recorded a total income of INR 607.33 crore, marking a 7.8 percent increase from INR 562.87 crore in the corresponding period of the previous fiscal year.
Total expenses for the company rose to INR 503.73 crore in Q4 FY24, up from INR 468.28 crore in Q4 FY23.
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According to the BSE filing, Metro Brands recorded a total income of INR 2,427.52 crore in the fiscal year 2023-24, an increase from INR 2,181.51 crore in the preceding fiscal year.
Commenting on the company’s financial performance, Nissan Joseph, CEO of Metro Brands Limited, expressed satisfaction, stating, “Despite the challenging backdrop of FY23 following the post-COVID-19 recovery, I am pleased to note an 11% year-on-year growth in our sales. Moreover, our sales per square foot have risen from INR 17,500 per sq. ft. in FY’19 to INR 18,700 per sq. ft. in FY24, showcasing our effective adjustment to evolving market dynamics and the continued recovery post-COVID.”
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He added, “Through our strategic initiatives and resilient operational frameworks, we’ve sustained our performance, ensuring effective fulfillment of our customers’ and stakeholders’ requirements. We remain confident that our adaptability and commitment to customer satisfaction will remain key drivers of our growth.”
Metro Brands has expanded its retail partnership with Crocs, securing exclusive ownership and operation rights for Crocs stores throughout western and southern India. Furthermore, the company will maintain operations for all current stores in northern and eastern India. The year saw the opening of a net total of 97 new stores, underscoring the company’s growth and expansion efforts.
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