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Metro Brands’ PAT drops 11.6% to Rs 93.50 in Q1 FY24, Retail News, ET Retail

New Delhi: Footwear retailer Metro Brands, has reported a drop of 11.6 per cent in consolidated profit after tax (PAT) at Rs 93.50 crore in the first quarter (Q1) ended June 30, 2023 as against the consolidated PAT of Rs 105.78 crore in the same period last fiscal, according to a regulatory filing.

However, the company’s total income increased to Rs 596.89 crore in Q1 FY24 as compared to Rs 517.23 crore in Q1 FY23, as per the BSE filing.

The footwear retailer’s total expenses rose to Rs 468.68 crore in Q1 FY24 as against the total expenses of Rs 377.51 crore in Q1 FY23.

Nissan Joseph, CEO of the company said, “We experienced remarkable growth, surpassing pre-pandemic performance by 82%. Embracing the digital landscape allowed us to expand our reach and explore new markets with new brick-and-mortar stores and e-commerce channels. We remain confident in our strategic positioning of focusing on the premium consumer to drive growth.”

In the context of demand experienced last year, the current quarter witnessed going against pent-up demand post-Covid and a higher number of wedding days in the same period last year. The company has opened 27 new stores, expanding its presence to 182 cities in Q1 FY 24.

  • Published On Aug 1, 2023 at 09:00 PM IST

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