Metro Brands Ltd, a prominent footwear company, faced a 13% dip in consolidated net profit, amounting to Rs 99 crore ($12.4 million) for the third quarter ending December 31, 2024, compared to Rs 113 crore in the same period last year.
However, there was a positive note in the company’s revenue, which witnessed a 6% rise, reaching Rs 635 crore for the quarter, up from Rs 599 crore in the corresponding period of the previous fiscal year.
Nissan Joseph, CEO of Metro Brands Limited, expressed satisfaction with the quarter’s performance, considering the challenging market conditions and the high base effect from the surge in festive demand following the easing of Covid-19 restrictions in the previous fiscal year.
One notable achievement during the quarter was the collaboration with Foot Locker, aiming to enhance sneaker culture in India and cater to diverse customer preferences. Looking ahead, Joseph expressed confidence in sustaining this positive momentum, anticipating a robust performance in the upcoming months.
In terms of expansion, Metro Brands added 31 new stores during the quarter, bringing the total count to 87 new stores in this fiscal year. This growth in their brick-and-mortar footprint reflects the company’s commitment to reaching more customers and enhancing its presence in the market.
