Metro Brands Ltd. on 18 January reported a consolidated net profit of Rs 98.78 crore for the December quarter of FY24, down 12.57 percent from Rs 112.99 crore in the same quarter last year.
The total revenue of the company stood at Rs 635.50 crore, rising 6.14 percent from Rs 598.7 crore registered in the year-ago quarter, the company said in a regulatory filing.
The Board of Directors sanctioned the reappointment of Mr. Sekar Ananthanarayan, a Practicing Company Secretary, as the Secretarial Auditor for the Financial Year 2023-24.
Metro Brands reported a robust expansion in its brick-and-mortar footprint, having successfully opened 31 new stores in Q3 FY 2023- 2024, bringing the total new store count to 87 stores this fiscal year. With this expansion, the company is firmly advancing on its trajectory to meet the target of 100 stores for the FY 2023-2024.
The company is currently in the phase of selling off the FILA inventory and shutting down a majority of the Exclusive Brand Outlets (EBOs), as communicated earlier. MBL aims to accomplish these objectives by the conclusion of the FY 2023-2024. In the subsequent fiscal year, FY 2024-2025, there is a strategic plan to reposition the FILA brand. Furthermore, in FY 2025-2026, the primary emphasis will be on stimulating growth and elevating prominence in the athleisure industry.
The company also approved dividend and has set Wednesday, January 31, 2024, as the record date.
“I am pleased with our performance in this quarter, especially considering high base effect due to surge in festive consumer demand following the liftoff of Covid-19 restrictions in FY 2022 -2023. We achieved a
s ales revenue of Rs 616 crores, marking the highest ever quarterly sales figures. Despite encountering inflated inventories in the market and facing deeper markdowns by competitors, we have successfully maintained our margins, showcasing resilience and adaptability." said Nissan Joseph, CEO.
He added that a highlight during this quarter was the company's collaboration with Foot Locker, aimed at elevating sneaker culture in India and catering to the diverse preferences of our customers.
The shares of Metro Brands closed 0.96 percent lower at Rs 1,215.15 on NSE.
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